the Power hour


mBe 2011 Power Hour: a question of offset


Those in the know about offset mortgages sing their praises but brokers still seem reluctant to talk about this product with clients. This month Mortgage Introducer and a panel of experts dispel some offset myths and debate why now is the perfect time for this product


First things First, what is oFFset? David Finlay: Offset is a mortgage product that helps borrowers take advantage of their savings. The client places those savings in a linked account and the interest that would have been payable against the mortgage is offset against the interest that would have been paid on the savings – at the borrowing rate. This is a product developed under the


old Woolwich banner after they looked at the Australian market where offset is fairly prevalent. We’ve seen it grow in both numbers and popularity although last year it seemed to plateau.


who should be thinking about using it? Mike Fitzgerald: We tend to see the self-employed and people with large bonuses using offset. It’s not so popular


36 mortgage introducer APRIL 2011


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