The Sunday Times - When you should get an offset mortgage

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Overpaying a home loan may be tempting, but if you still want access to your savings, why not use them to ease the pain of rising rates, says George Nixon. 

Anthony Emmerson from Trinity Financial told The Times: "People saw little benefit in getting 1.5 per cent return by offsetting their mortgage.

He added: "An offset mortgage typically comes with a higher rates though, so you need to have enough in savings to make them worthwhile. “They tend to be about 17 per cent more expensive than a standard loan, so if you don’t have that in savings in the offset account you are probably going to be worse off.”

Which lenders offer offset mortgages?

Barclays, Clydesdale, the private bank Coutts and Coventry, Family Building Society and Accord Mortgages offer offset mortgages. 

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