First Actives Offset Mortgage

[haventaclue]

We are looking to switch mortgages and this one looks interesting and different.

Does anyone have one of these?

What are the advantages of having one?

Do you earn interest on the savings part?

Thanks in advance.

 

[ClubMan]

What are the advantages of having one?

Doesn't their website/bumpf explain the advantages of an offset mortgage and how you can use it to reduce the effective rate charges?

Do you earn interest on the savings part?

I don't think so. Isn't the whole point that such savings are offset against capital thereby reducing the interest chargeable and thus the effective rate charged?