According to research by the mortgage lender Intelligent Finance, as many as 75 per cent of mortgage borrowers would reduce their mortgage loan term, or increase mortgage repayments to reduce the balance on their loan . Furthermore, one in five borrowers would like to lower their monthly payments .
Intelligent Finance point to one solution, an offset mortgages, or current account mortgage . This type of mortgage loan links a savings or current account with a mortgage loan . The interest on your savings is then offset (deducted from) your monthly mortgage repayments. This works to reduce your monthly repayments, or if you have a fixed-rate mortgage, decreasing the terms of the loan .
This type of mortgage was previously thought of as only suitable for people with extensive savings, but offset mortgages are becoming more suitable for more people. Current account mortgages are also effective in this instance, with benefits for people with very small levels of savings . Offset and current account mortgages are also becoming more flexible, with potential to link to ISAs.
The data company Defaqto recently indicated that offset mortgages could come to suit buy to let mortgage borrowers, and city workers who get big bonuses.
Offset mortgages becoming more suitable
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Offset mortgages becoming more suitable
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