Current Account/Offset Mortgage

sa2141

The downside of the Yorkshire Building Society in my mind is their Mortgage Payment Annual Reviews which means every time the interest rates go up, your monthly payment doesn’t until the annual review.

In short that means you underpay and they charge you interest on that underpayment and when they do change your payment it will be a bigger change than had they done it when the rates changed. For the benefit of having a single change per year, it seems you will be paying them interest on it for the life of the mortgage - takes the shine of their lower rates and probably explains how they manage them.

I guess its ok on fixed rate products.

bockster

if you've narrowed down to a few good deals, then i reckon it is worth checking out each of their redemption penalties, mortgage closing fee's etc that you will encounter towards the end of your time with them. this could be more interesting than worrying about 0.05% on the interest!!

just a thought.