The latest figures from Datamonitor show that the market for current account and offset mortgages has moved quickly from niche to chic, with the number of offset mortgages being taken out increasing by a yearly average of 77.2%. It predicts that by 2009 these products will account for some 30% of all UK mortgages - combine an expanding audience and an adaptable product, and the market for advice is a fruitful one.
Booming house prices have meant that many mortgage holders have built-up equity in their property, which could encourage them to look at exactly how their mortgage is working for them.
Offset and current account mortgages can be employed as tools to enable your clients to be more in control of their finances. Traditionally the domain of those with significant savings, the offset mortgage is now tempting wider audiences.
If you have self-employed clients you can discuss the advantages of saving over the year to pay their personal tax bill in April. Other flexible offset features that we offer, such as payment holidays and overpayments, make sense for anyone whose income varies each month.
Offsetting may not suit everyone, but there are plenty of other flexible options, which can be just as beneficial. For instance, our Freestyle® Cash Reserve facility offers a low-cost loan to fund anything clients want from a life change such as setting up their own business or even taking a once-in-a-lifetime holiday.
Incorporating flexible features into your clients' wider financial plans offers you the chance to add real long-term value to their financial needs, while also cementing the adviser/client relationship.
For more information visit www.standardlifebank.com/adviser or call us on 0845 845 8451.
All mortgage products are provided by Standard Life Bank.
Links to other newsletter stories
Flexible underwriting - Got an unusual case?
Watch our Freestyle + video on how to increase your client base
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Limited offer – New Freestyle low rate option
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