Upon application a fee of up to £495 will be payable (typically £195)
An offset mortgage is completely flexible and allows the applicant to keep money – such as mortgage debt or a savings account – in separate accounts. These figures are then combined to accommodate the needs of calculating interest.
Lenders will assess an applicant’s financial situation by looking at the sum of money in current or savings accounts so that interest is only charged on the outstanding amount. In consequence, interest payments may be lowered and quite possibly, the length of your mortgage could be reduced.