First direct offset mortgage recommended for parents
www.moneynews.co.uk > Mortgages > First direct offset mortgage recommended for parents
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Money News |
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First direct offset mortgage recommended for parents
Wed 23rd Feb 2011
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Richard Tolchard, senior product manager at the company, suggested the rent paid by people's offspring could see them becoming very popular as tenants in the family home.
He said: "First direct's offset mortgage is the perfect mortgage facility to help parents while they're supporting their offspring."
Mr Tolchard's comments were made after research by the lender showed consumers could shorten the length of their mortgage by up to five years if they use their adult children's rent to overpay on their home loan by £160 every month.
This month, first direct claimed people could make their savings work almost 36 times harder by signing up for an offset mortgage.
The company noted such products are particularly suitable for high earners in the upper tax bracket.
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