The option of an offset mortgage, the novel product launched by lender Intelligent Finance, has received further support from new research carried out by Abbey, the popular financial services provider. Abbey have calculated that slight overpayment on a mortgage could lead to an large overall saving and a reduced repayment period. Abbey indicate that an overpayment of just £3 could lead to a loan being settled three and a half years early.
Offset mortgage customers who overpay very slightly could save themselves an enormous £22,000 in interest over the course of a loan period.
Abbey offer a savings offset mortgage package called Flexible Plus. The product is a lifetime tracker mortgage, and offers customers flexibility in their repayments . Borrowers can overpay, underpay and may even have the option of taking payment holidays.
Offset customers will pay a competitive rate for the life of their mortgage loan, without the necessity to switch to a new mortgage deal. Overpayments can significantly reduce the interest charged as well as cutting down the mortgage term .
The Abbey product comes amidst a fresh and dynamic mortgage market for 2006, with lenders bidding for their market share with competitive products. Offset mortgages entail the transfer of savings accounts to the lender, and are therefore only offered by financial services providers who also operate banking facilities.
More savings with offset mortgages
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