An offset mortgage can allow you to make use of your savings to offset the interest on your mortgage repayments. It can seem confusing at first, as not many people are aware that offset mortgages exist. Before making any sort of financial decision such as the type of mortgage you need, it’s important to understand your options with independent advice.
At Watts Mortgage & Wealth Management, our team of highly qualified advisers can help you find the right type of mortgage to suit your individual circumstances. An offset mortgage could be a good option if you have a variable wage or if you earn an annual bonus.
How does an offset mortgage work?
Offset mortgages can help you save on the interest of your mortgage. It works by having your savings account and mortgage combined into the same account, so that your savings count as temporary overpayments. The benefit here is that you still have access to your savings and can spend them if you need to.
This differs to making overpayments on a traditional mortgage, whereby the money would go straight to the lender. What’s more, you could also protect your savings from tax. The important thing to remember is that offset mortgages are likely to have higher interest rates.
Should you get an offset mortgage?
At Watts, our team of advisers can help you to make an informed decision on your mortgage product. We have years of experience in wider financial planning to ensure you make the right choice, and you’ll get access to a dedicated adviser who you can speak to directly. It’s our job to alleviate any financial stress, whether it’s through independent advice or searching the whole of market to find the right product for you.
Taking time to understand your circumstances, we can help you decide whether an offset mortgage is right for you and your family. We are not tied to one provider or a panel of providers; instead we use every provider out there to find a mortgage deal that suits your financial situation.
Find out more about the right mortgage for you by getting in touch on 01270620555 or email us at firstname.lastname@example.org.
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We would just like to thank you for the excellent service you have provided for us whilst we arranged our income protection plans. You put us both at ease whilst explaining the options available to us and what would best suit our requirements. Without doubt, we would highly recommend your services to our friends, family and business acquaintances.
Adi and Annette Dean
Watts Mortgage & Wealth Management Ltd is directly authorised and regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No 624815 at https://register.fca.org.uk/s/
More information is available on mortgages from the Money Advice Service. www.moneyadviceservice.org.uk
Where you have a complaint or dispute with us and we are unable to resolve it to your satisfaction then we are obliged to offer you access to the Financial Ombudsman Service. Please see the following link for further details www.financial-ombudsman.org.uk
Your property may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it.
You may have to pay an early repayment charge to your existing lender if you remortgage.
The FCA does not regulate some forms of mortgages. The FCA does not regulate taxation advice, trust advice and some forms of buy to let mortgages.