Offset Mortgages are gaining popularity everyday and about 10 percent of new mortgages are offset mortgages. The reason for popularity can be nothing but convenience of repayment and the many repayment options that the borrower gets. In other words, offset mortgages are flexible. The interest on offset mortgages is to be paid only on the amount of net loan, deducing the amount of savings the borrower has in his account.
Offset Mortgage Providers suggest that these mortgages are the best type of mortgages, especially for the people who have at least 8 percent of the amount of mortgage in their account. The plus is that the rate of interest is decreased because the borrower can attach his or her savings or current account to this mortgage. Being flexible in nature, this mortgage can be paid off by over payment when you have extra cash to spare in a certain month and underpayment when you are short of money in a certain month. But underpayment can be done only if you have made overpayment in the previous months.
With credit crunch, it is a bit difficult to get loans in the future, but with offset mortgages you can borrow the same amount of mortgage again, and repay. Offset Mortgage Providers can guide you with all the options that an offset mortgage can have. There are some providers that have low Annual Percentage Rate, but also have Early Redemption Charges or ECR.
Offset mortgages can be either trailer or flat or you can customise it as per your requirements, changing it as per your accounts by connecting your mortgage to your account on a long term basis or temporarily, the choice is yours. With so many options to offer, offset mortgages by far are the best deal that one can have, making mortgage repayment an easy process. Get your mortgage from a good Offset Mortgage Provider.