Ever heard of an offset mortgage?

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Offset Mortgages: Saving on Interest with a Smart Mortgage Strategy

For many homeowners, the mortgage is the biggest outgoing cost they face each month. But what if there was a way to reduce the interest you pay and save money on your overall repayments? Enter the offset mortgage, a clever financial tool that leverages your savings to bring down your mortgage interest.

Check out our brief video below ⬇️

Many people haven’t heard of the offset mortgage yet, but it still remains one of the most cost-effective ways to have your mortgage set up and has multiple benefits to you. 

At its core, the offset mortgage is a basic mortgage like any other, but the way the mortgage allows you to use other available cash or savings balances to “Offset” against your existing mortgage is where it really can make a significant difference. 

You can save THOUSANDS in interest with an Offset mortgage and repay your mortgage EARLIER by years! 

Used correctly the Offset mortgage really can make the most of your finances and no longer do you have to have funds which you can’t invest sitting around earning little to no interest. Now you can really make your money work hard for you.

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Georgiana Olescu
Georgiana Olescu
2024-04-10
Paul is an amazing broker, very helpful, responsive to emails and patient with customers. The process with him was quick and easy as his work ethic is impeccable. We are beyond impressed and happy with his services and that we got to work with him.
Valerie O
Valerie O
2023-12-28
Exceptional service provided by Paul, I could not have asked for better. Definitely does his due diligence and goes above and beyond. Highly recommended!
Bonnie Frost
Bonnie Frost
2023-12-25
Paul is a fantastic advisor and guided my husband and myself through the entire process of buying our first home, he made the entire process feel easy and we were well informed along with great communication and fast action. We completed within 3 months of contacting Paul.
Johnathan Lowery
Johnathan Lowery
2023-11-16
Working with Paul has been a hugely positive experience. Paul took the time to understand our needs and financial situation, ultimately securing us a mortgage deal that we would not have been able to obtain on our own. His guidance and patience over an extended time was invaluable in guiding us through a volatile period in the property market. I highly recommend working with Paul at Your Property Financial.
Adeel Sarwar
Adeel Sarwar
2023-10-02
It has been great working with Paul. He helped us to redeem our help to buy equity loan which didn't seem possible to me when I first contacted him. It took much longer than expected due to many obstacles but Paul explained every step of the process very clearly and he regularly communicated with me to ensure the remortgage went through as efficiently as possible. I would definitely recommend working with Your Property Financial.
Jessica
Jessica
2023-08-29
I would highly recommend Paul as a mortgage broker. As a first time lone buyer I began the process feeling very out of my depth, particularly in a market where mortgage rates are very high. But from the get go Paul provided reassurance and practical guidance and has been immensely helpful throughout the process. I've really appreciated his responsiveness, honesty and support.
Louise Griffiths
Louise Griffiths
2023-08-28
I reached out to Paul 2 years ago and giving this review now because I wanted to ensure that I could give a true review of what benefits I have experienced from using his service. I am thrilled with the financial expertise given to me by Paul. His skillful negotiation secured me an excellent mortgage rate within a short turn around time. This has not only set me on the path to paying off my principal balance but has also allowed me to simultaneously build a solid emergency fund. His initial guidance has been invaluable in shaping my financial future. I look forward to working with Paul again, once my 5 year plan is near its end. Highly recommended!
Calum Hebron
Calum Hebron
2023-08-05
Paul has been consistently excellent, ensuring we got the best possible mortgage deal at a time when rates weren't great. Paul worked with us to understand our financial complexities and went above and beyond to ensure they were understood by mortgage providers. We've been made to understand every stage of the process, and as first time buyers we were able to feel confident in the decisions we made. I would highly recommend working with Paul at Your Property Financial.
Czarina
Czarina
2023-08-04
My almost a year-long journey with Paul as my broker has been truly amazing, despite a few hiccups during the mortgage process. Working with him has been the best decision ever! As a first-time buyer, I lacked knowledge about purchasing a home, but Paul's guidance and expertise were outstanding. He explained things in a clear and concise way. What impressed me the most was Paul's responsiveness. He promptly addressed all my questions and concerns, never making me feel like a bother. Even when I faced challenges, Paul's determination and problem-solving skills were unwavering. I felt so supported throughout the entire process. Thanks to Paul's unwavering support, I managed to reach this point. I highly recommend him to anyone, especially fellow first-time buyers. Paul's knowledge, patience, and reliability are unmatched. He's not just a broker; he's an invaluable ally in this complex process. Thank you, Paul!
Alistair Prestidge
Alistair Prestidge
2023-07-11
Paul helped me to get my Mortgage approved in less then 48 hours! He has been great and I can’t recommend him highly enough. His communication is excellent, and he helped me understand each stage of the process easily. Thank you so much for helping me buy my very first home! I will most certainly be recommending Paul to friends & family!

How Can a Mortgage Broker Help?

Mortgage brokers are experts in navigating the complex world of mortgages. Here’s how a broker can be instrumental in securing an offset mortgage:

This is achieved in 2 ways that ultimately reduce the interest you’re charged, but you decide which option you want for your mortgage:

  • Reduce your mortgage payments
  • Reduce your mortgage term

So how does it work, well the easiest way to consider the offset mortgage is to imagine that your mortgage is one big overdraft (like the one you likely already have with your current account) and that just like an overdraft if you pay funds into it, you reduce the outstanding balance and therefore the interest you would be otherwise charged as you’re reducing the outstanding balance.

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what is offset mortgage

The offset mortgage is different to just simply making overpayments on your mortgage.

Overpayments are a one-way ticket for your funds as once you’ve made that overpayment to ask for the lender to allow you access to that again essentially means a new mortgage application for additional borrowing from the property.

So in practice, it’s a one-way ticket for the overpayment, but the offset mortgage works very differently; you always have access to any and all your savings instantly, they’re not tied in or have any notice periods.

3 main Benefits of Offset Mortgages

Benefits of Offset Mortgages
  1. Reduced Interest Payments: The core advantage is the potential to save a significant amount of money over the mortgage term by reducing the interest you pay.
  2. Increased Flexibility: You can easily add to or withdraw from your offset savings account, allowing you to manage your finances effectively. For example, you could save for a vacation or a home improvement project without impacting your mortgage payments.
  3. Potential to Repay Faster: By saving on interest, you can potentially pay off your mortgage sooner. You can choose to use the savings to make larger monthly payments and shorten the mortgage term.

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