The Times - How to reduce mortgage repayments by offsetting your savings
Homeowners could get a better mortgage deal by putting their savings to work. Some 1.8 million fixed mortgage deals are due to end next year, according to the banking trade body UK Finance.
Aaron Strutt from the mortgage broker Trinity Financial said: “The choice of offset mortgages has been reduced quite drastically but they are still a decent option for borrowers keen to make use of their savings.
“Lots of our clients like the flexibility these deals provide especially if they are planning to help a family member onto the property ladder and need access to a lump sum, or they have upcoming development works. Others like to have the money ready to pay school fees.”
“For many it would be appealing to offset a chunk of their mortgage but still have access to the money in case they need it again,” Strutt said. “But they are not really worth taking if you do not put sufficient funds in — so you need enough money in the linked accounts and for long enough to make it pay, especially now rates are so much higher.”
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