Offset and Current Account linked mortgages have been with us for several years and can be beneficial for certain customers with appropriate circumstances.
They can help to reduce the balance on which you pay mortgage interest so you may be able to direct more of your mortgage payment to clearing the debt. That’s a good thing. However, if the interest rate is uncompetitive then that extra interest burden could easily outweigh the savings from the offset / current account feature. You could easily end up paying far more than is necessary. That’s a bad thing. Think very carefully before sacrificing a competitive rate for flexible features.
Our VIP scheme can work alongside almost any offset / current account mortgage. You may think that a current account mortgage already provides what our VIP scheme offers, but there is a fundamental difference. We help to provide a disciplined structure to make sure the small overpayment accumulations go towards clearing your mortgage rather than being spent.
The VIP scheme offers you some of the positive advantages of a flexible mortgage whilst allowing you to take advantage of the very best (genuine) interest rate deals. Exploiting the overpayment features of a mortgage will help ensure you repay the debt as quickly as you find affordable and for as little interest as possible.
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