Save £18,000 by swapping to an offset mortgage, first direct says

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www.moneynews.co.uk > Mortgages > Save £18,000 by swapping to an offset mortgage, first direct says

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Save £18,000 by swapping to an offset mortgage, first direct says

New research from first direct has found that changing to an offset mortgage could save the average homeowner up to £18,322 in interest payments for the duration of their mortgage.

This applies to those who have taken out a £100,000 25-year mortgage, who, first direct claims, can shave up to three years off its lifetime by switching to an offset.

The poll found that two in ten respondents acknowledge offsets as a way of saving money, while 48 per cent said that they do not under stand the basics of an offset mortgage.

Jimmy Kelly, a spokesman for first direct, stated: "Our research shows offset mortgage lending now accounts for £1 in every £10 being lent to UK mortgage holders and is on course to reach a record share of new mortgage lending in 2009."

In more good news for the property market, statistics from the National Association of Estate Agents found this week that the number of properties sold in the UK increased last month.

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