Offset Mortgages Save Money _ GBP346bn
Published / Last Updated on 19/02/2008
Offshore mortgages save money according to Intelligent Finance.
They believe that UK mortgage holders could collectively save £346bn if offsetting was as popular here as it is in Australia. Based on average figures for property prices, outstanding mortgage balances, monthly earnings and total savings, the average Briton could save nearly £70,000 by remortgaging onto a 25 year offset tracker. Director of Sales Cammy Amaira says “offsetting has come a long way in the past 10 years but we’d like to see it boom like it has in Australia”.
Our view
People are reluctant to link all finances to one provider for everything as it feels like putting all your eggs in one basket.
Given the availability of finance information, people look at headline rates on credit cards, mortgages and savings rather than long-term gains.
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