High fixed rate,not all bad?

crockpot

Hi

Hope you can all help me out?

I recently took out an offsett fixed rate for 5 years at 6.69% then there was the interest rate cut!

Only have £15k left o/s and this will be cleared in 5 years.

This seems like a high rate now, but is it all bad? Any saving I have in offsett savings account will be `earning` 6.69% interest right? aslong as i dont exceed amout of mortgage debt?

It`s done but a crystal ball would have been nice.

Thanks

dimbo61

Its not all bad because you know longer have to worry about mortgage rates
at all !
In 5 years you will be MF
Save every penny you can into your offset account because as you say it saves you 6.69% TAX free.
As your monthly payments come out the amount of interest you are paying is reduced and the closer you are to being MF.
When your balance in the offset is close to the outstanding mortgage balance then start filling a cash ISA each year and if you plan carefully you could have no mortgage in 5 years and £15k plus in ISA,s