Homeowners could save £29 billion in interest
A collective sum of £29 billion could be saved by UK homeowners if they were to switch their mortgages, it has been claimed.
According to a Yorkshire Bank study, more than a quarter of British property owners could save more than £11,000 each if they were to change their mortgage to an offset deal.
It added that a £151 million saving could be made in tax alone over the next 12 months.
And Gary Lumby, Yorkshire Bank's head of retail, commented that homeowners who do not take advantage of offset mortgages could lose out.
"The average homeowner who has their savings, current account and mortgage with the same bank but has not yet considered an offset mortgage could be missing out on a great opportunity," he said.
Meanwhile, the Council of Mortgage Lenders has claimed that the number of offset mortgages being taken out has increased by 49 per cent over the last year.
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