9:23 AM, 30th December 2021, About 3 weeks ago 18
Hi all, Do you remember offset mortgages and in particular if they are still available on Buy to Let property?
Has anyone taken one out recently, and how does it work for them? Was it worth the potential increased cost for a specialist product?
Any feedback and advice would be gratefully received.
Editor Note: From the Family Building Society >> https://www.familybuildingsociety.co.uk/mortgages/buy-to-let-mortgages/how-buy-to-let-offset-works
“When you take out an Offset mortgage, a savings account is set up and attached to the mortgage arrangement.
Any money placed in the savings account is automatically deducted from the amount of the mortgage on which interest is charged, thereby reducing the amount of interest that you’ll pay, or reducing your mortgage term and allowing you to pay off your mortgage faster. You won’t earn any interest on the savings when they are linked to the mortgage.
With a Buy to Let Offset mortgage, other things being equal, this increases your net profit from letting (the tax charged on this higher figure will be more as a result) and the offsetting increases the overall cashflow you’ll receive from letting. This may be important if you’re relying on this as part of your retirement income, for example.
Our Buy to Let Offset mortgages are only available to UK resident individuals for purchase or remortgage and not Limited Companies, corporate bodies or partnerships.”
For a whole of market search and to check criteria based on your circumstances please use the form below:
Please Log-In OR Become a member to reply to comments or subscribe to new comment notifications.
Advice and implementation provided by a practising Barrister-At-Law with £10,000,000 of Professional Indemnity InsuranceBook Now
Previous ArticleYour Property Tax Advice For 2022
|“Account”||means an account required to access and/or use certain areas and features of Our Site;|
|“Cookie”||means a small text file placed on your computer or device by Our Site when you visit certain parts of Our Site and/or when you use certain features of Our Site. Details of the Cookies used by Our Site are set out in section 13, below;|
|“Cookie Law”||means the relevant parts of the Privacy and Electronic Communications (EC Directive) Regulations 2003;|
|“personal data”||means any and all data that relates to an identifiable person who can be directly or indirectly identified from that data. In this case, it means personal data that you give to Us via Our Site. This definition shall, where applicable, incorporate the definitions provided in the EU Regulation 2016/679 – the General Data Protection Regulation (“GDPR”); and|
|“We/Us/Our”||Means Property118 Ltd , a limited company registered in England under company number 10295964, whose registered address is 1st Floor, Woburn House, 84 St Benedicts Street, Norwich, NR2 4AB.|
|Name of Cookie||Purpose||Strictly Necessary|
|JSESSIONID||Used only to collect performance data, with any identifiable data obfuscated||No|
|__cfduid||This cookie is strictly necessary for Cloudflare's security features and cannot be turned off.||Yes|
|Name of Cookie||First / Third Party||Provider||Purpose|
|__utma, __utmb, __utmc, __utmt, __utmz||First||Helps to understand how their visitors engage with our website|
|_fbp||First||Helps to understand how their visitors engage with our website|