Speaking at the CML conference today, David Finlay, intermediary channel director at Barclays, said that the product was ahead of its time.
“I genuinely believe that offset is a fantastic product and I genuinely believe that more mortgage customers should be on offset deals. It’s not just a product for the wealthy.”
He also discussed the challenges facing the remortgage market and the need for brokers and lenders to advise their clients to get onto better rates.
“Many people don’t expect base rate to move until perhaps 2013 and so aren’t talking to their clients about remortgaging as much as they should.
“Isn’t money as cheap as mortgage borrowers are ever going to get it? Is this not the time you should be talking to your clients who are on rates higher than they should be at the moment?
“As an industry, shouldn’t we be giving good, sound financial advice to all our clients, meaning we should be advising them to move now? Should we not be talking to clients about much more money they could have in their pockets if they remortgaged?” he added.
