Two experts recently went head to head in discussing whether offset mortgages are worth the hype. Offset mortgages allow money held in savings accounts and current accounts to pull down the level of interest rate repayments . Mark Parker, the managing director of Intelligent Finance, and Andrew Montlake, a partner at Cobalt Capital mortgage brokers gave their perspectives.
Mark Parker was full of praise for the loan products, pointing to the fact that they are becoming increasingly popular and more suitable for a greater range of people. Offset mortgages, he said, are a relatively new type of product. The simplicity of the offsetting process – reducing debt through savings – does appeal to the public. Datamonitor have predicted a sharp growth in offset mortgages over the next couple of years.
Andrew Montlake expressed his reservations about offset mortgage loans . He pointed to the less than competitive pricing, and the savings advantages that some fixed-rate mortgages could potentially offer to borrowers. Montlake pointed to the face that the less wealthy are unlikely to gain a huge advantage from offset mortgages .
The discussion was published by the BBC.
Offset mortgages worth the hype
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Offset mortgages worth the hype
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