A third of mortgage borrowers could be in a better financial position should they choose to remortgage to an offset mortgage deal, according to one mortgage expert.
Heather Scott, head of communication at financial services provider Intelligent Finance, says despite the fact that offset mortgages only entered the market about five years ago, they are "definitely making an impact".
Offsetting allows mortgage holders to reduce the interest on their mortgage by offsetting it against individual savings accounts and current account savings.
"It is a relatively young product and it takes time to educate customers about the benefits," Ms Scott says.
Last month, Intelligent Finance, a division of Halifax, said the pricing of offset mortgages has "come down dramatically" over the second half of 2005.
The managing director of Intelligent Finance, Nick Robinson, said there is "a great demand" for this type of mortgage.
"They are a lifestyle tool that provide you with flexible control of your finances," he added.
Mr Robinson went on to say that increasing numbers of mortgage borrowers are choosing to benefit from offsetting and that these mortgages are becoming more "mainstream" as new mortgage lenders enter the market.
This echoes Datamonitor research published in October last year which predicted that offset mortgages will account for 30 per cent of the UK's total secured lending by 2009.
Offset mortgage benefits discussed
Mortgage Quote Line
0845 108 0505
Offset mortgage benefits discussed
Wed, 15 Feb 2006
Recommended links
Offset tracker mortgage launchedMore savings with offset mortgages
Offset mortgage range launched
Tracker mortgage deal kicks off
Get a free tracker mortgage quote now
Intelligent Finance reduce offset mortgage rates
Millions to be saved by offset mortgages, IF says
Offset tracker mortgage launched
Offset feature unveiled for mortgages UK
Mortgage lender kicks off offset mortgages
Offset mortgages on the up
Fee-free offset mortgage by Newcastle
Wealthy borrowers urged to consider offset mortgages
Offset mortgages praised
Offset Mortgages on the up
Offset mortgages for futures, expert says
Extended mortgage offsets with Scottish Widows
John Charcol launches new offset tracker mortgage
Mortgage broker launches offset tracker mortgage
Offset mortgage range launched
Woolwich lowers offset mortgage rate
Offset mortgage benefits discussed
Blackburn tops mortgage rates table, say RBS offset mortgage
Offset mortgages worth the hype
Saving and borrowing combined with offset mortgage
Woolwich offset mortgage highly competitive, company claims
Intelligent Finance offset mortgage kicks off
New offset mortgages from Coventry
Fee-free mortgage broker offers new offset deal
Start saving money with offset mortgages from Leeds and Holbeck
Options for offset mortgages
Leeds offers offset mortgage
Offset mortgages becoming more suitable
Offset Plus mortgage and savings from Yorkshire
Offset mortgage overpayments could save money, says Abbey
Offset mortgage lending on the up
More savings with offset mortgages
Offset mortgages from Intelligent Finance
| mortgages news |
|---|
| Mortgage lending still low, figures reveal - Mon, 05 Jan 2009 |
| Mortgage lenders will follow Nationwide's lead, expert claims - Mon, 05 Jan 2009 |
| Nationwide to freeze tracker mortgages - Fri, 02 Jan 2009 |
| More News |
Mortgage Rates by Lender 
Worried about Mortgage Repayments?
- Join our petition to Government to bail out burdened individuals, not just banks.
Free Mortgage Quote
Mortgages in Scotland
Equity Release
Switching Mortgages
Home Reversion Plans
Commercial Mortgages Arrears & CCJs?
Remortgages- Sub prime mortgages
- Arrears, CCJs
- Self certification
- Debt consolidation
Protect Your Mortgage