Offset Mortgages Could Save Britons £345 Billion
Offset mortgages, which are quite popular in Australia, could save Britons an additional £345 billion in mortgage payments.A new report by Intelligent Finance (IF) reveals that an offset could save the average borrower £70,000.
Australians, who prize home ownership as highly as Britons, utilize offset mortgages as one way to keep their mortgage payments under control. This perception has made an offset very popular there, according to Cammy Amaira, director of sales at Intelligent Finance.
The offset has changed considerably in the past few years, and Mr. Amaira would like to see it grow in popularity in the UK. He reports that his recent review of the figures indicates that people could save a considerable amount with an offset.
When introduced in 1997, offset mortgages were perceived as a niche product.
If, a division of Bank of Scotland, was launched in 2000.