As consumers continue to struggle economically, many are seeking the help of offset mortgages to assist them in paying down their debts. While this may or may not be effective, it is clear that more people are seeking offset mortgages than ever and this is one area that is certainly booming in the mortgage industry. More data will need to be gathered to determine whether or not these offset mortgages will be beneficial for the consumers over the long term. However, for short term results, homeowners seem to be happy with their offset mortgages and the help they provide.
“Homeowners have been the most visible losers in the credit crunch but credit card customers are also sharing the pain.” said Sean Gardner, director of MoneyExpert.com. “Average rates of 16.8% were bad enough in February but despite two Bank of England rate cuts which reduced borrowing costs by 0.5% credit card average rates have increased by 0.6%.
“Mortgage customers might complain about rates of six or seven per cent but for credit card customers the charges are much higher. And with some cards charging more than 40% it really seems like the sky is the limit.”
Related reading : Off Set Mortgages
