Flexible & Offset Mortgages
www.OffsetMortgageCentre.co.uk
Why we're building this lens
We're building this lens because we thought it would be nice to make a page about flexible and offset mortgages for UK home-buyers and investors.
A little bit about us
The Offset Mortgage Centre is part of The Mortgage Broker ltd group of websites.
Our goal is to educate the mortgage layman in the concept, features, benefits and negative aspects of Offset and Flexible Mortgages.
This lens is going to be our little collection of "how to" guides to the flexible and offet mortgage market.
Here's some guides:
Want to know more about flexible or offset mortgages? Here's some great guides to get you started.
Offset & Flexible Mortgage FAQ
A flexible mortgage is a secured loan, which can be paid back in differing amounts while providing access to the housing equity (within pre-agreed limits).
There are five key features with a flexible mortgage: the ability to pay the mortgage off early through overpayments or lump sum payments, the ability to borrow money back by withdrawing lump sums, making underpayments, and having payment holidays. A flexible mortgage gives you more control than with a traditional type of mortgage, and the overpayment feature can significantly save money on your mortgage.
When did offset mortgages first hit the UK market?
The first offset mortgage was introduced into the UK in 1997 by the Virgin One Account. Since then the number and range of offset mortgages has increased to about 250 offset products.
What are the interest rates like with a flexible mortgage?
A flexible mortgage has a higher interest rate than a conventional mortgage, but the key selling point for a flexible mortgage is the longer-term savings on interest that can be made by making overpayments and lump sum payments to get ahead in the repayment schedule, thus paying off the mortgage early.
Offset Mortgage Centre News Feed
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- Why offset mortgages are now child's play
- Once little known, mortgages that count your savings against interest are now popular, says Michael Coogan.
- Should your mortgage be offset?
- The surprise decision by the Bank of England last week to raise interest rates - and predictions from some commentators of further rises to come - will have focused borrowers' minds on whether now is the time to switch to a new mortgage. And as offset homeloans become steadily more popular, it could be time to weigh them up alongside all the fixed rates and trackers.
- Head to head: Are offset mortgages just hype?
- Offset mortgages - where money held in savings and current accounts automatically pays down mortgage debt - have been marketed as a no-hassle way of managing money.
- ft.com guide to offset mortgages
- There is confusion over whether offset mortgages are a product that can cater to everyone, or whether they are best suited to wealthier individuals with sizeable savings.
- Mortgage products explained
- An introduction to the various mortgage types and their features.
- Guardian Money: Flexible Mortgages
- Flexible mortgages allow you to pay off chunks of your mortgage in lump sum payments, make extra monthly payments, borrow money back, take payment holidays and pay less than your standard monthly repayment.
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About the Offset Mortgage Centre
The goal of the website is to educate the mortgage layman in the concept, features, benefits and negative aspects of a Flexible or Offset Mortgage.
For more information on flexible and offset mortgages, please visit www.OffsetMortgageCentre.co.uk.
Reader Feedback
Donny wrote
As someone who is self employed I will definately be looking at these products in more detail... thank you.
D
Posted November 21, 2007
