A recent study into UK mortgages found that one in ten Brits have taken out offset mortgages - thats over 23.9 billion pounds worth of loans. So with all this interest in offsetting or taking out a mortgage that can make your money work for you, are they the best choice around?

More figures indicate that by offsetting mortgages you can seriously cut down your mortgage rates. The study found that if you have saved as little as 12, 500, with some lenders that would be enough to see your mortgage interest rate drop by as much as 0.5 percent. Although those savings could be invested into the property to give you a lower mortgage, only with offset mortgages can your rate fall by this much.

Offset mortgages could also cut your credit card bills as offsetting the credit debt could save you huge amounts. Instead of paying even the lowest rate of 14.9 percent, you will only pay the interest rate connected to an offset mortgage which is around 6 or 7 percent, certainly less than credit card APRs. This means you could be making massive savings on your credit card debt, as well as your mortgage.

By Offsetting your mortgage you will also see tax breaks as any interest accrued on your savings is usually at the mercy of the taxman. But by offsetting against your mortgage, there is no interest, so no tax. Instead you will just be saving money on your mortgage, no tax, just savings.

Everything can also be rolled into one. You can have your current account working with your savings and your mortgage. All your money can be in the same place, working together to afford you a lower repayment each month. An Offset mortgage is definitely the hassle-free mortgage.

They are flexible too and with the help of a good adviser, there is no reason why you will not be able to find the right deal just for you with some careful consideration and prudent decision-making. Offset mortgages can be found either fixed or tracker, with tailor-made variables for the account, or accounts connected to your mortgage providing anything you need, for now or the long-term, can be built into your offset mortgage.

In this time of rising house prices, credit crunches and whispers of recession it is vital to make sure you have the very best mortgage possible. Rates are likely to be rising in the future and credit will be harder to get. But if you take out an offset mortgage, with tax breaks, credit card savings and possible rate slashes you will be better equipped to handle any financial difficulties that could come our way.

So are offset mortgages the best deal around? For those who have money to offset, and are looking for their money to work for them offsetting certainly could be the best deals around.