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Intelligent Finance poll predicts offset loans could boom

The number of borrowers with offset mortgages could double in the next two years, says Intelligent Finance.

IF is getting ready to launch a new range of offset mortgages, including its first offset tracker mortgage with two-year tracker options.

The company’s survey of 1,000 adults shows 44 per cent understand the principle of offset banking, which is double the number of people who claimed to be aware of offset when IF asked the same question two years ago.

The research also reveals that 44 per cent of people who say they are planning to take out a mortgage in the next year or two are considering an offset mortgage.

The research, which was carried out through ICM, shows that 10 per cent of borrowers use offset banking for day-to-day banking needs.

IF’s new range includes six offset tracker mortgages which are being launched at rates from 5.29 per cent to 5.59 per cent. All new mortgages are available to existing mortgage customers moving home. IF allows customers to offset all their current account and savings balances, including Isas, held with the bank.

Managing director Nick Robinson says: “As aware- ness and knowledge of the offset product has increa- sed amongst UK consumers, we can use our own specialist knowledge of offset customers to provide a prod- uct range which gives more targeted options for those considering offset.”

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