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UK Offset Mortgage Interest Rates Hit All-time Lows

Housing-Market / Mortgages May 27, 2015 - 12:36 PM GMT

By: MoneyFacts

Housing-Market

Charlotte Nelson, Finance Expert at Moneyfacts.co.uk, comments:

“Research from Moneyfacts.co.uk reveals that offset rates have fallen to record lows with the average offset fixed rate now priced at 2.65%, over one percentage point lower than two years ago (3.68%).


“With competition high in the mortgage market, providers are keen to show that they offer a diverse range of mortgages at great prices, and offset products only enhance their offerings further.

“Thanks to the record-low base rate, standard savings accounts currently offer poor returns, so many consumers are looking for better ways to use their cash savings. Offset mortgages can offer a genuine alternative.

“It makes sense for those with a mortgage to utilise their cash savings within an offset facility to pay off substantial sums on their mortgage and drive down the mortgage balance quickly. But, unlike overpayments, borrowers can access the cash whenever it is needed.

“One of the biggest criticisms of offset mortgages is that the rates tend to be higher than standard mortgages on the market. However, with rates reaching all-time lows, there has never been a better time for savvy borrowers to grab themselves an offset deal.”

www.moneyfacts.co.uk - The Money Search Engine

Moneyfacts.co.uk is the UK's leading independent provider of personal finance information. For the last 20 years, Moneyfacts' information has been the key driver behind many personal finance decisions, from the Treasury to the high street.


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