Self Certified Mortgages For People With Iva

New Types Of Mortgage part 2

Offset mortgages

An offset mortgage is different to the current account mortgage in that your current account, savings account, loans etc are kept in separate ‘pots’ from your mortgage.

Then you can decide whether you wish to offset all or one of these accounts against your mortgage. As an example, you could offset your current account and savings against your card debts and mortgage. You will then pay less in interest.

Like the current account mortgage, using your savings to reduce your mortgage can be quite tax effective.

So, are these mortgages for you?

Current account, offset and flexible mortgages are ideal for people on a high earners or those who have reasonably substantial savings. You also need to be disciplined and not be tempted to have a payment holiday and blow the money on a trip somewhere exotic!

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