By opting for offset mortgages, British mortgage holders could save some £850 million, according to new data.
A quarter of homeowners would benefit from choosing an offset mortgage, says Intelligent Finance, calculating that £370 of average savings could be made in the first year of offsetting.
Offsetting allows mortgage holders to offset their individual savings accounts and current account savings against their mortgage.
Mortgage holders with only eight per cent of their mortgage in savings would be better off if they remortgage to an offset mortgage, says Intelligent Finance.
"While offset mortgages are growing in popularity, many people find it hard to quantify the potential benefits they can offer - yearly savings, flexibility and tax benefits, to name but a few," explains the managing director, Nick Robinson.
The myths surrounding offset mortgages is "put to rest" by this research, he says, "while revealing that millions of people in the market for a mortgage could be better off offsetting".
Intelligent Finance is a division of Halifax and offers a range of banking services via the phone or online.
Millions to be saved by offset mortgages, IF says
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