Mortgage lenders offering fewer offset rates
Fewer high street mortgage lenders are offering offset mortgages according to research by data firm Moneyfacts.co.uk.
The information provider says there are 233 offset mortgage rates available compared to 370 a year ago.
Offset mortgages are more popular with the lenders actively offering them to borrowers, such as Scottish Widows Bank and Coventry for Intermediaries.
Even though there is not as much choice as there used to be, it is still possible to secure some fantastically cheap offset rates.
Aaron Strutt, product manager at Trinity Financial, says: “If you receive a bonus or you have money in a low-interest savings account, then it often makes sense to open an offset account.
“Clients like the way they can access their money when they need it and that they do not have to permanently pay it off of their mortgage.”
Low offset mortgage rate
Coventry for Intermediaries has an offset Flexx for Term mortgage. It is a 1.85% variable rate and the overall cost for comparison is 2% APR.
There is a £999 booking fee and borrowers will need a 35% deposit to qualify. There are no early repayment charges and there is a free property valuation.
This mortgage is not linked to the Bank of England base rate and it is set by the Coventry Building Society.
For help to secure an offset mortgage, call Trinity Financial on 020 7016 0790.
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