Butterfield Bank is to offer Australian-style mortgages for Guernsey residents, who are being target...
Butterfield Bank is to offer Australian-style mortgages for Guernsey residents, who are being targeted with an offset mortgage that includes internet banking. The Butterfield Current Account Mortgage builds on a concept originally developed in Australia under which borrowers only pay interest on their mortgage balance minus whatever is in their current account. If a borrower had a mortgage of £400,000 and savings of £20,000 in their current account, the borrower would only pay interest on £380,000. By doing this, borrowers can reduce the interest paid, as well as the term of their mo...
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