John Charcol offers offsetting for all

Mortgage broker John Charcol has launched an offsetting deal tailored for remortgagers.

Offset deals have long been recognised as one of the best ways to lower interest payments and to reduce the time spent paying off mortgages, but until now they have often only been suitable for people with large savings accounts.

Now, however, finance providers are beginning to launch deals designed for the average homeowner as market competition picks up amid a flurry of buyer activity.

The home loan market is booming, as homeowners compare mortgage rate offers to track down the best deals.

The Charcol three-year tracker is offered at just 0.19 per cent above the base rate, a negligible amount over the best non-offset deals, allowing all homeowners to take advantage of the benefits of offsetting.

“The concept of offsetting is brilliant but until now has always come at too high a price to be good value for most borrowers,” said Ray Boulger of Charcol.

“Getting maximum value from offsetting is about convenience of using the facilities as well as a market leading rate.

“This mortgage is even better as, unlike many offset mortgages, it allows borrowers to link a current account to their mortgage as well as one or more savings accounts.”

In an added temptation for remortgagers, Charcol are offering uncapped free legal fees and a refunded valuation fee.

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