‘£345bn could be saved in UK’ through offsetting

Posted 2008-02-18

UK mortgage holders could save £345 billion collectively if offsetting was popular in Britain, experts say.Research from Intelligent Finance (IF) shows the average UK borrower could save nearly £70,000 with an offset.

Cammy Amaira, director of sales at Intelligent Finance, said: “In Australia, the popularity of offset has a lot to do with mind-set.
“Australians value home ownership as much as we do, but they don’t want their mortgage to take over their lives, making offset their ideal choice.”

He added offset has come on in the UK over the past decade but IF would like it to boom as ‘latest number crunching proves it’s definitely worth it’.

Offset mortgages were introduced in 1997 and were initially thought of as a niche product.

IF, launched in 2000, is a division of Bank of Scotland.

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