Offset Mortgages

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Featured Offset Mortgages Article

Offset mortgages are type of mortgage where the borrowers can reduce their interest charge on their total loan balance by down-payment against the total loan amount. For example, if a borrower have the loan balance of £350,000 and he paying £80,000 against his total loan balance. After having paid, his interest will be calculated on the balance of £270,000 instead of £350,000.

There are various types of offset mortgages but the basic concepts are same. In that the balance of savings in deposit money is offset against the balance of home loan. But few lenders are designed the offset products in different ways.

In different ways, they structured to combine the products into a single facility and these are commonly referred to as a current account mortgages. A few features of various offset mortgage differs, yet some have common features such as;

• The ability to offset the balance of home-loan and the balance of deposit account.
• Overpayment and underpayments.
• Additional borrowing to an agreed upper limit
• Payment holidays
• Daily interest calculation
• The ability to transfer the mortgage to another property.
• A flexible term of the home loan, that is between 5 to 25.
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