Offset mortgage choice over £550,000 reduces
Abbey Santander today announced that it is reducing maximum lending on it’s offset mortgage product to £550,000 from the current £1 million. We believe this will severely reduce their impact in the offset and flexible mortgage sector as the bulk of the offset mortgages we handle are in the £500,000 to £1 million range.
Fortunately there are still a number of Mortgage Lenders offering full offset mortgages products above £550,000.
Both Accord and Leeds offer offsets up to £750,000 and Coventry, Scottish Widows Bank, and Barclays Woolwich will advance up to £1 million on an offset basis.
If you are considering an offset mortgage product we always recommend that you be certain you will use the flexible and offset facilities. These products are typically priced slightly above the traditional products – borrowers taking an offset mortgage and not using it’s features will therefore be disadvantaging themselves.
Please visit our what is an offset mortgage page for more information.
If you require assistance in arranging an offset mortgage – contact us now.