We are a leading provider of impartial mortgage advice in London and the South East, specialising in all types of mortgages. We are experts in large residential mortgages, buy to let mortgages, development finance, bridging finance and commercial mortgages. In addition to high street lenders, we have comprehensive links with private banks, boutique lenders and offshore banks. Working with these financial institutions, we are dedicated to finding our clients the best possible mortgage interest rates available and a product that is best suited to their needs.

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To discuss your mortgage requirements with one of our fully qualified professional advisers, please call us now

0203 432 1423

Summit Capital Mortgages LLP
Warnford Court, 29 Throgmorton Street
London, EC2N 2AT

Or click here for more contact options.

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Offset Mortgages

Thanks to the historically low Bank of England base rate of 0.5%, interest rates on savings are at a depressingly low level, and more and more people are looking for new ways to make their savings work for them. One way of putting your savings to good use is by means of an offset mortgage.

An offset mortgage allows you to use your savings and/or your current account to reduce the amount of interest you pay on your mortgage. By keeping your savings linked with your mortgage, you can “offset” a proportion of the loan, on which you will then not have to pay interest. For example, if you have a mortgage of £100,000 and use your savings of £10,000 to offset it, you will only be charged interest on the “net” balance of £90,000. You will not earn interest on your nominated savings.

The Advantages of Offset Mortgages

  1. Not only does offsetting your mortgage mean you will reduce the amount of interest you pay, but you can also use offsetting to shrink the term of your mortgage or to shrink your monthly repayments.
  2. Using your savings to offset your mortgage means they are not liable for tax on interest they would have earned in a standard savings account - the benefits are greatest for higher rate tax payers.
  3. Unlike overpaying your mortgage, putting your cash into an offset facility means you can withdraw it whenever you need it.
  4. Many offset mortgages allow lump-sum overpayments and do not impose early repayment penalties.

To learn more about these products, simply call one of our consultants on 0203 432 1423 or click here for more contact options.