Mortgage rates have been leaping all across the board recently – offset, sub prime, self cert and even safe prime mortgages are a lot more expensive than they once were. So to combat this, you must reduce mortgage interest somehow, and the best way to do that is to offset savings against your mortgage. But is it as critical as the newspapers say? The media love a horror story, but what truth is there behind the rate crisis in the UK mortgage market? Will you be able to find a cheap mortgage anywhere? Do you need to reduce mortgage interest now?
Simply, yes – you do need to reduce mortgage interest now. Rates are higher than they have been for several years, so if you are coming to the end of your mortgage you are in for a shock. Recent figures have found that 1.4 million people are coming to the end of their short-term fixed rate mortgages and could see a 25% hike in their monthly payments*. So there has never been a more critical time to reduce mortgage interest.