There is confusion over whether offset mortgages are a product that can cater to everyone, or whether they are best suited to wealthier individuals with sizeable savings.

Offset mortgages were launched in the UK in 1994 but were slow to take off, because, some say, of the public’s lack of comprehension about how they work. At the time, rates on these mortgages also tended to be less competitive than on mainstream mortgages. But, in the past few years they have gained status, with some providers claiming they can slice years off mortgage repayment years.