Offset mortgages on right to buy property?
Answers:
What's the question? Are you asking us whether you should look at a mortgage where your savings account and checking account balances automatically offset the principal amount of your mortgage when monthly interest is calculated?
They are a brilliant idea, but you have to check that the interest rate applied is reasonable in the marketplace.
There are a lot of neat tricks used by mortgage peddlers that take away attention from the average APR over the entire life of the loan, which is the only thing that matters.
If you live in britain then contact the Homebuyers association. They'll come to visit you and do everything for you, that includes finding the best mortgage for you. You won't have anything to do part from being there for both valuations and sign your contract at the solicitor's.
After two years Homebuyers will look for other mortgages for you because they will find cheaper ones (You'll have already paid for two years).
They're really efficient, kind and helpful. Two of my friends bought their property with them whereas i decided to do it my way . They were long owners before i was and without any trouble or anything to do either!
Good luck
Yes why not? Except you have something else to invest your money in that will give you a return that's higher than the interest you'll pay if that money did not offset the mortgage.
The answers post by the user, for information only, UKQnA.com does not guarantee the right.