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Cash savings / Bonus income / Offset mortgage
Cash savings / Bonus income / Offset mortgage
I have savings which I want access to, but don’t want to tie them up by paying down my mortgage. Is there a middle ground?
The challenge
Our client had a large amount of savings, built up through his generous bonus income. However he didn’t want to ‘tie up’ those funds in the mortgage as he may want to use them for home improvements or something else.
The solution
An offset mortgage.
Utilise the mortgage lenders offset savings account to hold the savings.
For every pound in the account, it ‘offsets’ the same amount off the mortgage.
For example. £200k mortgage, £50k in the offset mortgage lender’s savings account, meaning the mortgage interest is applied to £150k.
After thought
Not every lender offers this. There are flexible mortgage options in the market we can discuss to suit all manner of circumstances and needs. Get in touch if you’d like to discuss.
Other case studies
David was absolutely amazing, from helping us find the right mortgage, to advising us, to being on hand for silly questions we had. Nothing was too much trouble for him. I will absolutely be recommending him to our friends.
Frederica Turner