Offset  

Who should consider an offset mortgage?

This article is part of
Guide to offset mortgages

Flexible option

Bernard Clarke, communications manager of the Council of Mortgage Lenders, says the flexibility offered by offset mortgages is also what appeals to a range of individuals.

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This flexibility can work well for borrowers who would otherwise keep some savings in what is likely to be a low-yielding deposit account.  

If they need to draw on their savings, they are usually able to do so easily, with little or no notice – though obviously at the cost of an increase in their mortgage payment at the end of the month.  

Mr Clarke says: “So, they can be a good option for someone who has some savings to offset against the mortgage cost, but who may need the flexibility to draw on those savings for another purpose.” 

emma.hughes@ft.com