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Boom time set for offset mortgages

Personal Touch Financial Services is predicting a boom in offset mortgages as borrowers look to get maximum returns from their savings.

Last week, Abbey revived its intermediary offset proposition and recently Woolwich forecast a boom in offset.

PTFS sales director Dev Malle says: “People are making nothing on their savings, so now is the time to get people to put that money in offset.

“In the past, offset has not been popular as it has been all about rate-chasing and offset has never been that competitive. But now is the time to educate people. If offset is used properly, it makes an awful lot of sense. It is also an integral part of a holistic advice proposition.”

Abbey for Intermediaries chief operating officer Clive Kornitzer says: “With savings rates at an all-time low, borrowers can deposit savings in the available balance pot and reduce interest paid on the balance of the mortgage. We expect offset to be popular with intermediaries looking for a great flexible mortgage for their clients.”

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