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Considered an Offset?
If you hold savings with a bank or buiding society it may make financial sense for you to offset the amount you have against your mortgage.
By doing this you wont receive any interest on your savings, but you will pay less on your mortgage. A good offset package available at the moment is Hinckley & Rugby BS at 0.2% above base for the term of the mortgage, giving a current rate payable of 5.95%.
As an example, if you were to offset £10,000 against a mortgage of £100,000 this would be equal to earning 7.44% interest on that money as a basic rate taxpayer or 9.92% as a higher rate taxpayer.
There are great savings to be had by offsetting, particularly if you pay the higher rate of tax and are in the fortunate position of having savings.
Complete our simple "Three steps to free advice" now, and ask your adviser for more details on this product to discover if it could work for you.
