Offset Mortgage to cut down your mortgage cost!

Your savings work to cut down your mortgage payments and repay your mortgage faster!

With offset mortgage the more you have in your savings account, the less interest you pay on your mortgage, which helps you to repay your mortgage faster and more cheaply in the long run. Also the rate of interest on your mortgages is reduced by the funds in both your savings accounts and your current accounts. Interest on your savings or current account will be offset; as you don’t get the interest on your savings instead you pay less as interest on the mortgage borrowed. You have a savings account with the same lender from whom you borrow offset mortgages.

The offset mortgages is a smart option out to all those who are paying more tax on the interest on their savings account. If you have not received interest you can’t be charged tax on the interest. Keep heavy taxes away. This means that offset mortgages are especially attractive for higher rate taxpayers who would otherwise pay-away 40% of the interest they receive in tax.

At the same time all your other debts, such as your credit cards or your personal loans can also be repaid at the mortgage rate by consolidating it with offset mortgages, which is likely to be a lot lower than what you would have otherwise paid. A further advantage is that the credit cards and loans remain unsecured borrowings even though they are paid off at the mortgage rate, even if you can’t repay the mortgage amount you are not at the risk of losing your home. But be mindful of the fact that consolidating your debts into your offset mortgage will make the short-term debt into long term debt. Consolidated debts should be paid off as quickly as possible otherwise they will cost you more in the long run.

What’s more you would repay the mortgage five years and eight months early. That’s because the monthly repayments are based on the full mortgage debt before offsetting is taken into account so borrowers are effectively overpaying their debt each month.

Pay less and save more with our UK offset mortgages!

You are just a click away from your offset mortgages. Just go online and save money now.

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