Accord Mortgages has simplified its offset mortgages.
From today, those with an Accord offset mortgage can manage their accounts online, giving them direct access to their balance and statements, plus enabling them to easily transfer money and set up standing orders. Customers will also be able to make deposits with a debit card.
This change will give borrowers the option to manage their offset mortgage, plus any linked savings accounts, either online, via telephone or post. Customers must register on Accord’s website to gain online access.
David Robinson, national intermediary sales manager at Accord, said: “There’s a misconception that offset mortgages are complicated, so we have tried to remove any barriers to make them as simple as possible for borrowers.
“Offset mortgages present a number of potential advantages to borrowers, including reducing the overall mortgage interest payment or being able to pay mortgage off early. We hope that by making our offsets more user-friendly this will be an additional selling point for brokers trying to demonstrate how this home loan option could benefit their clients.
“Savings rates remain pitifully low, so there has never been a more opportune time for borrowers to benefit from an offset mortgage. For instance, a client with a savings pot of £30,000 who regularly puts away £300 a month, could utilise their savings to reduce the term of their 25 year 2.50% fixed rate mortgage by almost five years – meaning they would be mortgage-free after 20 years.”