Offset Mortgage Calculator

Offset mortgage calculator

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Video transcript

Using an offset mortgage calculator can help you decide whether this kind of home loan will save you more money than the alternatives over the period of your deal.

Before you use the calculator, you`ll need to understand that an offset mortgage uses your savings to reduce the amount of interest you pay on your mortgage borrowing. So if you have a £100,000 home loan and have £10,000 in the bank, you`ll only pay interest on £90,000 of the mortgage provided your saving balance remains the same. Increasing or decreasing your savings will of course impact on the arrangement.

Bear in mind that with an offset home loan, you won`t earn interest on your savings, but by using it in this way, you won`t pay tax on them either, which some savers may be liable for. As mortgage interest doesn`t incur tax, using your savings in this way may prove to be more efficient.

An offset mortgage isn`t the same as a current account mortgage, as that is based around a single account. Using an offset mortgage can enable multiple accounts to be used for the interest credit, which means that parents may be able to use their savings to help their children get a better deal on their first mortgage.

Using an offset mortgage calculator will help you to work out if this will make financial sense in your circumstances, simply fill in the relevant parts and it`ll work out how much you stand to save by taking out this kind of deal.

However, you should be aware that this is only an indicator and to find out your exact savings, you should get in touch with a mortage adviser, here at First Choice Finance we have our own in house advisers and they`ll be able to match you up to a mortgage that suits your circumstances.

To get in touch fill in our short form on firstchoicefinance.co.uk, call from a landline on 0800 298 3000 or from a mobile on 0333 003 1505.

Homeowner Secured Loans
9.8% APRC. Representative example: Borrow £50,000 over 180 months. 60 months at 8.1%, £497.83 pcm fixed at 60% LTV. Then 120 months at 10.1%, £539.89 pcm variable. Total payable £94,656.60. Total cost of credit £44,656.60 (including: £795 lender fee, £985 broker fee & £42,876.60 interest). First Choice are tied to certain loan providers.

Mortgages & Remortgages
8.4% APRC.
Representative Example: Borrow £120,000 over 25 years at 5.99%, £778.86 pcm fixed for 3 years at 60% LTV. Then at 8.75%, £974.86 pcm, variable for 22 years. Total payable £286,416. Total cost of credit £166,416 (including: £985 broker fee, £999 lender fee & £164,432 interest)


Unsecured Personal Loans
REPRESENTATIVE 49.9% APR (VARIABLE)
First Choice are tied to certain unsecured lenders.


THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
Security is required on immovable property.



Late repayment can cause you serious money problems. For help, go to moneyhelper.org.uk

Established In 1988. Company Registration Number 2316399. Authorised & Regulated By The Financial Conduct Authority (FCA). Firm Reference Number 302981. Mortgages & Homeowner Secured Loans Are Secured On Your Home. We Advice Upon & Arrange Mortgages & Loans. We Are Not A Lender.

First Choice Finance is a trading style of First Choice Funding Limited of 54, Wybersley Road, High Lane, Stockport, SK6 8HB. Copyright protected.

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