Offset Mortgages
Offset Mortgages
An offset mortgage is a way for the customer to use whats in their savings account to help reduce the mortgage balance they are charged interest on. By linking their savings to their mortgage they can make their money work harder.
Any savings and current accounts the customer chooses to link to an offset mortgage will not earn interest, but the more money that is held in them the more the customer will save on his mortgage payments. As interest is often calculated daily, even savings that are held for a few days can reduce the interest charged.