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Location effect on offset

Where a borrower lives can make a big difference to how early they

can pay off an offset mortgage, according to telenet bank Intelligent

Finance.

IF says if money were no option, most people would choose to pay off

their mortgage early. Its figures show that in terms of early

repayment Scotland tops the league.

In Scotland, where the average house price is £71,779, someone

with average savings of £6,219 taking out a 25-year standard

repayment mortgage with a 71 per cent loan-to-value will repay it 39

months early with an offset – and save £11,667 over the course

of the mortgage.

The UK average on repaying the mortgage early, based on the same

statistics except house price, is 25 months.

In the country&#39s most expensive area, Greater London – where the

average house price is £214,296 but all other factors are the

same – borrowers could reduce their mortgage term by 15 months on the

same basis.

Chief executive Grenville Turner says: “These new figures emphasise a

most important aspect – how quickly will the loan be discharged?”

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