Offset mortgages are a relatively new sector of the mortgage market, and one that is growing all the time. A mortgage of this type offsets the amount of interest you pay on your house by considering the money you have in savings and current accounts.
The more money you have in your current and savings account, the less interest on your mortgage you pay. In theory this means that you can repay your loan faster and cheaper. Generally, you do not receive any interest on the funds you have in your current and savings account in return for this deal.
Offset mortgages are now available as single or joint accounts and allow you to offset current accounts, savings and ISAs. Some will allow you to overpay when you are financially healthy.
At Professional Mortgage Services we will review your requirements to establish which lender is offering the best product based upon your individual needs.