due to remortgage an have 32k.what to do?

1815VIL

due to remortgage in october but have come into 32k so until i remortgage i shall save it,but in october should i put it into the mortgage when i remortgage,or just keep it in a savers account?house value is around 320k outstanding mortgage should be 55k ish with 17years left.any help would be great as we arent shore which way to go.cheers.

firesidemaid

if you go for an offset you will get the best of both worlds - keep the money separate/to hand and it will reduce the interest you pay at the same time.

what is your current interest rate? if high, you could make as much of an overpayment as you can/want to between now and october - but keep your normal monthly mortgage payments the same to gain the full benefit.

Robert_Sterling_3

I think you should put quite a lot of it into the mortgage. :T :T :T

1815VIL

how does the offset mortgage work then?and do all the main mortgage lenders offer them or just a select few?thanks