Offset mortgage 'is a useful tool for homeowners'

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Offset mortgage 'is a useful tool for homeowners'

Struggling homeowners should consider applying for an offset mortgage product in a bid to make the most out of their money, First Direct has suggested.

The lender has claimed that economic uncertainty, rising inflation and increasing fuel prices mean that prospective buyers should look to selecting a cost-effective deal.

As part of the company's new offset product, borrowers are able to shave almost three years off the term and more than £6,200 off the total cost by making regular overpayments.

In addition, these payments can be redrawn to allow homeowners to make improvements to their homes or purchase important items rather than arranging a separate loan.

Richard Tolchard, senior mortgage product manager at First Direct, said: " first direct's flexible offset mortgage is the real deal, offering the flexibility savvy homeowners need during these uncertain times."

Meanwhile, Alan Smith - chief executive officer at Capital Assessment Management - urged homeowners suggest that equity release could be a viable option for families who are asset rich, but cash poor.

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