E N Q U IRE  NOW

In return for not receiving any interest on their savings, the homeowner pays a lower rate of interest on their mortgage: an arrangement known as ‘offsetting’. An Offset mortgage is only available where both the mortgage account and the savings account/accounts are with the same provider.

On a £200,000 mortgage for example, if the homeowner offset £20,000 of their savings against their mortgage, he or she would pay interest on the outstanding balance — i.e. £180,000. As the rates of interest charged on mortgages are usually higher than those paid on savings accounts, offsetting can be more financially advantageous to the borrower.

Furthermore, homeowners can use an Offset Mortgage to either shorten the term of their mortgage, or reduce the monthly repayments. Borrowers who wish to shorten the term of their mortgage would base their monthly repayment on the full £200,000 mortgage and pay more each month than the lender requires them to. Or the homeowner could base their monthly repayment on the lower (offset) figure of £180,000, which would reduce the monthly repayment but the term of the mortgage would remain the same.

Another aspect of an Offset Mortgage relates to income tax. In addition to reducing the interest on their mortgage, the homeowner might pay less income tax simply because their savings are not earning any interest.

Apart from the money in the savings account, some providers allow borrowers to offset the cash in their current accounts and their cash ISAs against their mortgage debt. If the borrower makes withdrawals from any of the accounts that are linked to their mortgage, the amount of savings offset against their mortgage reduces.

In common with other mortgages, Offset Mortgages are available on a fixed and variable rate of interest basis, although some borrowers charge a higher rate of interest for providing an Offset Mortgage than a standard variable rate mortgage.

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Feefo Platinum Award

13th February 2020, Active Finance UK has won the Feefo Platinum Trusted Service award, an independent seal of excellence that recognises businesses for delivering exceptional experiences, as rated by real customers.

Created by Feefo, Trusted Service is awarded only to businesses that use Feefo to collect genuine reviews and insights. Businesses meeting the high standard, based on the number of reviews they have collected and their average rating, receive the award. A highly-valued badge of approval, this accreditation remains unique, as it is based purely on the interactions with real customers. As all reviews are verified as genuine, the accreditation is a true reflection of a business’s commitment to outstanding service.

Feefo have given Platinum Trusted Service awards to businesses who have achieved Gold standard for three consecutive years. The Feefo Gold Trusted Service award recognises those who have collected at least 50 Feefo reviews in a year, and have achieved a service rating of at least 4.5.

Russell Jenkins, Active Finance UK commented: “We’re very excited to receive this award from Feefo because it’s based on the feedback of real customers, who are the most important judges of all. It recognises how hard we work to give all our customers the best possible experience. Everyone at Active Finance UK is fully committed to the highest quality of service, so it’s important for us to listen, understand and respond to all our customers. The beauty of Feefo is that it enables us to consistently improve, so we’re looking forward to another successful year.”

Congratulating Active Finance UK on winning this year’s award, Steph Heasman, Director of Customer Success at Feefo, commented: “The Trusted Service award has always been about recognising companies that go way beyond the norm in customer experience and generate great feedback from happy customers.

“This year we’ve been delighted to see so many companies using Feefo to provide outstandingly high levels of all-round service – it’s what Feefo is all about. We help our clients give their customers the best experiences possible. I’m confident we’ll see more success from businesses partnering with us throughout 2020.

“Feefo is all about powering up customer experience, which is why we have introduced our new Platinum category. Clients told us they want recognition for achieving our demanding Gold award standard over a longer period. Our new Platinum award is earned by companies that achieve a Gold rating in three consecutive years. It’s a tough challenge and very-well deserved by those that earn it.

Feefo is a reviews and customer insights technology company that provides businesses with the tools to collect real, purchase-verified reviews and insights. Working with over 3,500 clients, Feefo ensures that all feedback is authentic, by matching it to a legitimate transaction, in order to increase consumer confidence and enable businesses to make smarter business decisions.

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