Current Account/Offset Mortgages
These types of mortgages are designed to allow the borrower to use any other money or income they have to reduce the amount of interest they have to pay on their mortgage.
Offset mortgages are aimed more toward people with savings, while current account mortgages as you would expect have many of the features you would expect from a traditional current account i.e. cheque book and Direct Debits.
Features often found within a current account or an offset mortgage includes overpayments, underpayments, payment holidays and a "borrow back" facility. Interest is calculated daily ensuring you benefit immediately from any payments into your account such as wages or a cash deposit.
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We do not charge a fee for mortgage advice. However, we do offer a purely fee based option of up to 1.5% of the mortgage amount.
Tips for Current Account/Offset Mortgages
- If you are self employed these types of mortgages can be useful when cash flow can be volatile or unpredictable.
- The best rates available will generally be higher than that of a normal mortgage. Make sure you will use the additional features or a normal mortgage could end working out cheaper; speak to an advisor for more information.
- There are many different forms of these types of mortgages you should speak to an advisor about what’s important to you.
- Some standard mortgages will offer some of the features found in a current account or an offset mortgage.
