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Offset mortgages for low earners

secretdebt
secretdebt Posts: 72 Forumite
in Mortgages & endowments
Hi all,

I'm still probably 18 months off looking at getting a mortgage.

Does anybody have any knowledge of any providers that offer offset mortgages for couples that don't earn huge amounts (£17k and £25k currently).

Everywhere I have seen, it seems to be £50k+ for at least one person.

Thanks

Comments

  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Why the requirement for an offset mortgage?
  • csgohan4
    csgohan4 Posts: 10,600 Forumite
    Ninth Anniversary 10,000 Posts Name Dropper Photogenic
    edited 24 September 2018 at 8:53AM
    offset is good for those who have large savings or have significant tax bills at the end of the financial year, so while the money is still in your account you can off set this against your mortgage and therefore the interest, before HMRC gets its hands on it.


    Are you in the above bracket?


    Bare in mind offset mortgage interest rates are higher as well
    "It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"

    G_M/ Bowlhead99 RIP
  • ACG
    ACG Posts: 24,685 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    As far as I am aware there is no minimum income requirement for lenders who offer offset Mortgages. Admittedly we do not do many offset mortgages but I would imagine what you are finding is probably the exception rather than the rule.

    How many lenders/which lenders have you checked with?
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
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