The availability of offset mortgages looks set to increase, as more providers are entering the market with the promise of competitive and innovative home loan deals.
One such organisation is Chelsea Building Society, which has announced a move into the field through its branch network and online and telephone channels.
The group revealed the offset options will be available on all of its standard mortgage range and Chris Smith, group direct mortgage manager at the company – which has roots stretching back to 1875 with the formation of the Camberwell and South London Building Society – said the offset product should be a real consideration for all home loan holders.
Mr Smith noted: “We are serious about offset and have invested a lot of time and energy in developing a range that offers financial benefits to most borrowers.”
These types of deals can be an effective way for people to make the most of their savings when times are difficult, as they encourage individuals to store their money away while also offering higher equivalent returns than other forms of saving accounts .
