Offset Mortgage
At Austin Friars, clients can explore the option of an offset mortgage, a unique home loan that allows borrowers to link their savings or current accounts with their mortgage. By doing so, the amount in these accounts is used to offset the outstanding mortgage balance. This means that borrowers only pay interest on the difference between the mortgage balance and the linked account balances.
The benefits of an offset mortgage through Austin Friars are twofold. Firstly, it can lead to potential interest savings over the life of the mortgage, as the offset reduces the amount subject to interest charges. Secondly, it provides flexibility, allowing borrowers to access their savings whenever needed without penalties.
Offset mortgages can be an attractive option for those with substantial savings who want to make the most of their money. Although they may have slightly higher interest rates compared to standard mortgages, the potential interest savings and financial flexibility they offer can make them a valuable choice for certain borrowers.
Before deciding on an offset mortgage, it's essential for clients to assess their individual financial circumstances and savings habits to ensure it aligns with their long-term financial goals. Seeking advice from a mortgage advisor at Austin Friars can help determine whether an offset mortgage is the right fit for their unique needs and objectives. Our expert team is dedicated to providing personalized guidance and helping clients find the best mortgage solutions tailored to their specific requirements.
A mortgage is a loan secured against your home. Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it.