Even if an offset mortgage is not currently a viable option for some borrowers, they are being advised to consider it for the future.
Mortgage expert Rachel McKay of financial website Moneyfacts says that this type of mortgage should not be ignored if a person's current situation is not ideal for choosing offsetting.
"Although your current financial circumstances may prevent you from taking advantage of offset or current account mortgages, don't dismiss them completely," she advises.
According to Ms McKay, with professional financial planning offset mortgages might still prove to be a "beneficial option" for future consideration.
She points out that with offset mortgages borrowers have the ability to manage their own repayment structure, through overpayments, underpayments and payment holidays.
Furthermore, they could take advantage of a "hassle-free" additional drawdown facility.
"If managed correctly consumers can soon see their mortgage term decrease," according to Ms McKay.
Offsetting involves the balancing of savings against the mortgage amount.
Ms McKay says those hoping to find a mortgage for this kind of borrowing should keep an eye on mortgage comparison websites and best buy tables, while seeking independent financial advice "to ensure the right mortgage vehicle is used to suit their individual circumstances".
Offset mortgages for futures, expert says
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Offset mortgages for futures, expert says
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