Offset mortgages outstrip savings by £1.4bn
Offset mortgage borrowers earned £1.4bn more on their savings in the last two-years than those who placed their money in best buy savings accounts, according to a leading bank.
The bank estimated that 460,000 offset mortgage borrowers in the UK made a total return of £1.9 billion since 2009, compared to the £534 million they would have made if they have invested in a savings account.
A number of lenders offer offset mortgages and Trinity Financial make their clients aware of the potential savings available with this type of mortgage.
Offsetting allows borrowers to put their savings into an account attached to the mortgage and this is used to reduce the amount of interest paid. The bank usually allows customers to access their cash with a bank card or by requesting a telegraphic transfer.
July 15, 2011
Get started today
Speak to one of our mortgage experts. Book an appointment to come and see us or request one of our experts to call you.
