Current Account Offset Mortgages
Your mortgage is combined with your current account
or savings account. This means you can use the credit in your account
to reduce your debt, and therefore pay less interest on your mortgage.
For this type of mortgage, you should have savings of between 10 and 20%
of your mortgage. You can choose between a fixed, variable or discount
rate.
Pros:
- Offers the benefits of a flexible mortgage
- Saves you money by reducing your interest payments,
and can ultimately cut the overall term of your mortgage
- Suitable for those with large savings
Cons:
- You will not receive any interest on your savings
or current account
- These mortgages tend to be around 1% more expensive
than others
- For the most benefit, you will need to manage your
accounts closely
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