Savings Account
Savings remain accessible but when cash is withdrawn, so the amount on which interest is payable will increase. This can mean that effectively savings can earn significantly higher rates of interest than if left in a traditional savings account. Standard variable interest rates may be a couple of per cent above savings rates. Income tax is also normally payable on savings interest however this does not apply to savings made on the mortgage. For a higher rate taxpayer offsetting savings against a 6% mortgage product is equivalent to earning 10% on savings.
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Mortgages offered by lenders without any proof of previous mortgage history, proof of income. The usual maximum loan to value is around 70%. O Occupational Pension Scheme A pension scheme set up by an employer for its employees. Offset mortgage Offset or all in one mortgages allow you to offset the balance of your mortgage, and any other borrowings you have, or current account that is held with the same lender. All your borrowings and savings may be combined in one account.
More about Savings Account
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Pays your mortgage for a limited period if you can't work or are made redundant. Mortgage valuation A valuation, carried out by your mortgage lender, of the property that you want to buy. N National Savings free savings accounts run by the Government. Negative Equity When your house is worth less than your mortgage because the value of the property has fallen.
So if have an interest only mortgage of â200, 000 and have savings in your offset account of say â50, 000, you pay interest on â150, 000. However if you spend â10, 000 in the next month you will have reduced your offset account to â40, 000 and pay interest on â160, 000. So, as your current account and savings balances go up, you pay less on your mortgage. As they go down, you pay more. These accounts while becoming more popular do require careful money management to ensure you are paying off your mortgage and not wasting your savings.
