A more complex mortgage arrangement, where the lender can ‘offset’ your mortgage balance against any savings or deposits you have with them.
You can opt to pay no interest on part of your mortgage, equal to the value of your savings on which you’ll receive no interest.
If due to the amount of savings held, you don’t pay any interest (or if the amount of interest is reduced) then the monthly payment will in effect increase the capital repayment off the mortgage thereby reducing the term, (unless you choose to reduce the monthly payment accordingly).
This can be a more tax-
A mortgage is a loan secured against your home or property.
Your home or property may be repossessed if you do not keep up repayments on your mortgage.
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