According to a popular price comparison site nearly 1.9 million people are considering the option of switching to an offset mortgage in order to take advantage of the offsetting facility at a time when interest rates on savings are particularly low.
However the majority of these individuals end up rejecting the idea as they consider it to be too complicated.
Offset mortgage products usually involve a savings account _link_ed to the mortgage account so your savings can be offset against your mortgage balance. This can result in lower mortgage payments or paying off your mortgage earlier. However many people find the calculations of how much interest they are to pay and what exactly is involved is more complicated than the savings are worth.
If you are considering an offset mortgage but have concerns about how they work and whether or not it would benefit you, contact an independent
mortgage broker who will be able to discuss your issues with you and help you decide if it is an appropriate mortgage for you.