Offset mortgages become the prime trend
After looking at Intelligent Finance’s facts and figures, offset mortgages have been taken up by over one third of their customers in the last year.
The company have set a self-service proposition for all exisiting and new customers, allowing one to decrease their balance at a faster pace and carry out early repayments. Intelligent Finance confirmed that this new trend will save their customers "thousands in the long-term".
Nearly 75 per cent of people would like to bring down their mortgage term and increase payments simply to complete the mortgage deal in a shorter period of time.
Offset mortgages work in accordance with your savings account, current account and ISA.
A member from the team, David McIntosh spoke further: "With Intelligent Finance, customers can now select their preference of shorter term, lower payments or reduced debt and Intelligent Finance will then ensure it happens automatically."
He added, by selecting the shorter term option, majority could save in the regions of £61,000 and cut over 5-years off their mortgage term.
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