jasen
Apprentice
Joined: 16 Oct 2005
Posts: 2
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 Posted: 03/20/08 - 22:06 Post subject: |
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| Using savings, even small, for consolidating mortgage debt is a smart thing to do. Offset mortgage deals are designed for enabling people to do that. You would avoid tax paying which would usually be paid because of interest. I would advise you to consider offset deal, just choose the suitable one. You can get current account mortgages, which would connect your account directly to mortgage. That way you would get only one information on your account balance and it would be more simple. Mortgage payment would be calculated daily, so it would be paid directly through account. If you want to add some amount to the account, you could do it, and you can also use other services like you can with other accounts. Other way is to keep deposit in separate accounts and this deal is available with many high rated lenders. This way you would pay interest only mortgage but with savings lowering the amount. Both types of offset mortgage are very flexible and they allow more efficient budget planning. |
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