Individuals fearful of facing the prospect of home repossessions may find opting for an offset mortgage is one way they can take greater control of their money.
First Direct has claimed the products could be ideal for those worried about economic uncertainty, increasing inflation and rising fuel prices, as the home loans enable people to get to grips with their finances .
The group pointed out that offset mortgages allow borrowers to make unlimited overpayments, while also letting them use savings for their mortgage balance.
In addition, consumers can offset their current account balance and take the rate with them to their next property.
Richard Tolchard, senior mortgage product manager at First Direct - which is a division of HSBC Bank - said such agreements are "offering the flexibility savvy homeowners need during these uncertain times".
The industry figure added the benefits listed "can help them navigate the choppy economic waters ahead".
Repossessions may be avoided with offset mortgages
Wed, 05 Oct 2011
Recommended links
Repossession helpMortgages
Compare mortgage rates
Estate agents
Mortgage arrears and repossession help form
Struggling to pay the mortgage?
What to do if a lender wants to repossess
Costs after possession
Credit rating after repossession
Repossession advice
Equity release mortgages
Debt help
Free mortgage review
Overspending could heighten repossession risk
Inheritance peak could ease repossession fears
Repossessions being controlled by low interest rate
Homeowners may open up about repossession fears
Needless spending may lead to more home repossessions
Low consumer confidence could signal repossessions upturn
Joined-up approach may prevent home repossessions
People have many options to avoid repossessions
Inflation could result in higher repossessions among the elderly
Poor budget planning could lead to repossessions
Dying towns could lead to repossessions
Ignorance over finance could lead to repossession
Females could fear repossessions as more jobs set to be axed
House Prices Drop in Face of Potential Increase in Repossessions
Younger homeowners at greater risk of repossession
Low Interest Rates Keep Repossessions at Bay for Many Households
Decrease in incomes and savings could increase repossession fears
Fall in House Prices Means Drop in Repossessions
Homeowners at Risk of Repossession if Spending is Not Curbed
Repossessions down in Kent thanks to low house prices
Property clubs contributing to repossession woes
Check small print to guard against repossession
Homelessness Could Increase as Repossessions Stabilise
Repossession figures could be set to rise
Second charge mortgage repossessions down in 2011