For flexibility the best mortgage deal could be a variable offset product.

Could the best mortgage deal for you be a variable offset mortgage? An offset mortgage works by offsetting any savings you may have against the calculation and charges for your mortgage interest.

For example if you have a mortgage of £100,000 and you have £5,000 in your savings account and £5,000 in your current account, you will be charged interest on £90,000 of your mortgage. This is because the £10,000 in your accounts is offset against your loan.

If you need more information about this type of mortgage, Deal Direct can advise you on the effect any savings could have on your mortgage payments and find you the best mortgage deal available to suit your personal circumstances.

There are some benefits to this type of mortgage, for example, with your savings you will pay interest on a lower sum than your full loan. Effectively your savings are working for you by reducing your mortgage payments. For higher rate tax payers an additional benefit to offsetting is that you do not pay tax on any savings interest you earn because it has been offset against your mortgage.

Examples of offset mortgages are the Melton Mowbray Building Society's lifetime discount variable offset at 3.35% though this deal has an early repayment charge if you choose to leave the mortgage within the first year. By comparison Coventry Building Society has an offset Flex for term product at 3.49% with no early repayment charge.

If you are interested in these or other offset mortgages or would like to compare any mortgage products in the market, call Deal Direct. Our professional advisers can source the best mortgage deal for your individual situation from the wide mortgage market.