Renting out a room could cut over 2 years off your offset mortgage

As first direct launches a range of new offset mortgage rates the direct bank has discovered that by renting out a spare room for just five years, homeowners with an offset mortgage could reap the benefits.

By using monthly rent to make mortgage overpayments the typical homeowner could save over £1,028 in interest in just 5 years, and pay off their mortgage 29 months earlier.