Instead of a standard savings account, you could place your savings in an offset account linked to your mortgage. This means you won't pay interest on the mortgage debt of the equivalent amount of the savings. Use this calculator to work out if an offset mortgage works out better for you than a separate savings account.
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In order to create these results we have had to make a few assumptions. 1) Interest is charged monthly 2) Interest rate stays the same over the term 3) If you selected 'Interest only', we assume your standard monthly payment doesn't decrease even if you pay off some of the balance
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