Offset mortgages are growing in popularity in the UK, as more and more customers realise that they could be saving money by taking out an offset mortgage loan. Remortgaging is at a very high level also, with many borrowers making the switch to lower their repayments. Recent research by Defaqto, the well known financial research company, has shown that offset mortgages could be particularly useful to those borrowers who wish to commit to a loan for a long period of time. Defaqto see offset or current account mortgages being of particular use to higher rate taxpayers who have above average savings.
Most mortgage borrowers are simply drawn to the deal that offers the lowest initial rate of interest. Fixed-rate mortgage loans are undergoing a large upswing at the moment because of the competitively low rates that many lenders are offering. However, Defaqto point out that offset mortgages carry with them a host of benefits. These include, according to the company, financial flexibility and the ability to shorten the mortgage term, low tracker rates, tax efficiency and a reduction in the need to remortgage in order to find the best loan rates.
One expert from Defaqto was reported as saying that offset mortgages were "definitely products for the long-haul and should not be contemplated unless borrowers are fairly certain that they will be able to leave what can be significant sums of money more or less untouched in savings accounts over the mortgage term."
Offset mortgages praised
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Offset mortgages praised
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