Kate Palmer of The Sunday Times says homeowners stuck on expensive mortgage deals or hoping to borrow money for improvements can capitalise on a housing market boom that has pushed down rates.
Consider taking an offset
Offset mortgages are a way for homeowners to make any money they have saved during the pandemic work for them by reducing their loan costs. They allow you to reduce the amount of your loan that you pay interest on by putting your savings into a linked account. It pays no interest but any money in there is offset against your borrowing.
Aaron Strutt of Trinity Financial told The Sunday Times: “There has rarely been a better time to take offset mortgages, especially with savings rates being so low. Since the pandemic started savers have put billions away but many could have made their money work harder.”