Mortgages Uncovered

How do offsetting Accounts work?

By deducting your savings from your mortgage balance you are left to pay only the interest on the difference. Offsetting accounts provided by Intelligent Finance and One Account, will allow you to offset the money held in your current account too. This reduces the interest you are paying even if you’re in some cases you are paying the same amount each month on your mortgage which means that you pay your mortgage off much sooner.

If you want to reduce your monthly mortgage payments Woolwich, Intelligent Finance and First Direct, will enable you to benefit by reducing the amount of your monthly mortgage payment instead of the interest. In taking this option you no longer benefit from the interest you currently ear on your savings account, however, an offset account gives you a tax-free solution and can outweigh the downsides making it an extremely attractive proposition.

More mortgage information:
Achetez des produits audio des plus grandes marques et commandez votre casque urbanears