Which lenders offer offset mortgages?

Which lenders have them? How do I find them? Tried searching and get lots of explanations of what an offset is but can’t see the product

Thanks 
«13

Comments

  • Ybs generally do the best fixed rate offset while Barclays do the best tracker. 

    There are really very few who offer them.
  • ACG
    ACG Posts: 23,611
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    Accord (part of YBS) and Coventry I think are the 2 biggest. 
    There are a few other lenders but they are usually quite small lenders.
    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.
  • amnblog
    amnblog Posts: 12,385
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    There are about half a dozen Lenders offering offset mortgages currently. those mentioned above, plus, Clydesdale Bank, Family Building Society, and Scottish Widows Bank.

    They are not the type of product that is sensible to apply for without the services of an independent broker.
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, 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.
  • amnblog said:
    There are about half a dozen Lenders offering offset mortgages currently. those mentioned above, plus, Clydesdale Bank, Family Building Society, and Scottish Widows Bank.

    They are not the type of product that is sensible to apply for without the services of an independent broker.
    Thanks. Why is not sensible to apply for without going through a broker? 
  • amnblog
    amnblog Posts: 12,385
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    Because they are complex product that are priced at a premium over standard products. Therefore, good advice is essential.
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, 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.
  • Deedoodee
    Deedoodee Posts: 195
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    amnblog said:
    Because they are complex product that are priced at a premium over standard products. Therefore, good advice is essential.
    Thanks. I’ll consult a broker first. Are there any particular pitfalls? I know the interest rates are higher and I’ve worked out the extra cost and interest lost against interest saved. 


  • Deedoodee said:
    amnblog said:
    Because they are complex product that are priced at a premium over standard products. Therefore, good advice is essential.
    Thanks. I’ll consult a broker first. Are there any particular pitfalls? I know the interest rates are higher and I’ve worked out the extra cost and interest lost against interest saved. 


    That's it then really. As long as you have worked out out and you are happy then I don't see a problem. YBS is direct only so you can't use a broker fyi, but they have advisors who you will need to speak to prior to applying which will let you know if it's suitable.
  • amnblog
    amnblog Posts: 12,385
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    Deedoodee said:
    amnblog said:
    Because they are complex product that are priced at a premium over standard products. Therefore, good advice is essential.
    Thanks. I’ll consult a broker first. Are there any particular pitfalls? I know the interest rates are higher and I’ve worked out the extra cost and interest lost against interest saved. 


    That's it then really. As long as you have worked out out and you are happy then I don't see a problem. YBS is direct only so you can't use a broker fyi, but they have advisors who you will need to speak to prior to applying which will let you know if it's suitable.
    ..and what will the YBS Adviser tell you about deals from other providers in the market?
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, 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.
  • amnblog said:
    Deedoodee said:
    amnblog said:
    Because they are complex product that are priced at a premium over standard products. Therefore, good advice is essential.
    Thanks. I’ll consult a broker first. Are there any particular pitfalls? I know the interest rates are higher and I’ve worked out the extra cost and interest lost against interest saved. 


    That's it then really. As long as you have worked out out and you are happy then I don't see a problem. YBS is direct only so you can't use a broker fyi, but they have advisors who you will need to speak to prior to applying which will let you know if it's suitable.
    ..and what will the YBS Adviser tell you about deals from other providers in the market?

    My point was YBS often have the best deals and you can only go direct, so if that's the one the OP wants to go with then they definitely shouldn't use a broker 
  • amnblog said:
    Deedoodee said:
    amnblog said:
    Because they are complex product that are priced at a premium over standard products. Therefore, good advice is essential.
    Thanks. I’ll consult a broker first. Are there any particular pitfalls? I know the interest rates are higher and I’ve worked out the extra cost and interest lost against interest saved. 


    That's it then really. As long as you have worked out out and you are happy then I don't see a problem. YBS is direct only so you can't use a broker fyi, but they have advisors who you will need to speak to prior to applying which will let you know if it's suitable.
    ..and what will the YBS Adviser tell you about deals from other providers in the market?
    Would a broker tell us about YBS is it’s direct only? What makes them more complex besides the interest offset vs interest opportunity cost? 
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