Offset mortgages 'are the future'

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Offset mortgages 'are the future'

UK borrowers have been advised that the offset mortgage model is one of the most cost-effective methods of borrowing and it is therefore the way forward for the industry.

Paula John, editor-in-chief at Your Mortgage, said this form of mortgage enables Brits to use their savings to offset their borrowings with their lender.

This has the dual benefit of enabling individuals to build a nest egg for the future, while at the same time bringing down their mortgage payments.

She commented: "They certainly are the way forward and everyone I know in the mortgage industry has got one themselves. It is the most tax-efficient way of using any excess income."

However, it remains a fairly underused resource for UK borrowers in general.

According to Ray Boulger, senior technical manager at John Charcol, the ongoing eurozone crisis has pushed up mortgage rates over recent months, with the only bright spot being five to ten-year fixed-rates, which have remained fairly stable.

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