Echo Finance

OFFSET MORTGAGES

These work by linking your savings and current account to your mortgage so that you only pay interest on the difference.

You still repay your mortgage every month as usual, but your savings act as an overpayment which helps to clear your mortgage early.

An example:

You have a mortgage of £100,000. You're paying an interest rate of 3.00%.

You also have £10,000 in a savings account. By offsetting your £10,000 savings you only pay interest on £90,000 of your mortgage.

Over the course of the year this can save you up to £300.

If you'd have left these savings in a savings account paying 2.00% (a pretty decent rate at the moment), you would have earned £200 in interest. If you have to pay tax on your interest, it would be even less.

Plus you'd still have to pay that £300 you didn't save on the mortgage.

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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.
IF YOU ARE THINKING OF CONSOLIDATING EXISTING BORROWING YOU SHOULD BE AWARE THAT YOU MAY BE EXTENDING THE TERMS OF THE DEBT AND INCREASING THE TOTAL AMOUNT YOU REPAY.
Echo Finance
Echo Finance Limited

The 1812 Building, Wheatley Park, Mirfield, West Yorkshire, WF14 8HE

Local Rate: 01484213337
Freephone: 08000934914
info@echofinance.co.uk
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Registered in England and Wales No. 6939070. Registered office - The 1812 Building, Wheatley Park, Mirfield, West Yorkshire, WF14 8HE. Echo Finance Limited is authorised and regulated by the Financial Conduct Authority. Echo Finance Limited is entered on the FCA register (www.fca.org.uk) under reference 570073. The Guidance and/or advice contained in this website is subject to UK regulatory regime and is therefore restricted to consumers based in the UK. We are a broker not a lender. We conduct both regulated and unregulated business and therefore not all products provided through us are regulated by the Financial Conduct Authority. We may receive a commission from the Lender that will vary depending on the lender, product or other permissible factors. The nature of any commission model will be confirmed to you before you proceed. The Financial Conduct Authority does not regulate Will Writing, Estate Planning and some forms of Mortgages. © Copyright Echo Finance Limited. *Example rate shown is a 10 year fixed rate mortgage from Lloyds Bank with an initial rate of 4.83% for 10 years; then reverts to SVR after intro period (12/09/2023). Where you have a complaint or dispute with us and we are unable to resolve this to your satisfaction then we are obliged to offer you the Financial Ombudsman Service to help resolve this. Please see the following link for further details: www.financial-ombudsman.org.uk.

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