Offset Mortgage _advice please!

red_debs

Hi all
I have an offset mortgage and am in a situation where the balance of the mortgage is the same as my savings. Up until recently I thought this was a good thing as I was not paying any interest but now with the rate so low is there a better option? Also as the months go by my savings will now be greater than the amount owing.
Thanks in advance for any advice?

getmore4less

Make sure the excess is earning interest, and move it if not.

Also look for places that pay more than the mortgage rate(after tax) and move funds to those

Regular saver accounts are paying good rates we have 2 at 6% £500pm mortgage rate <1.5%

If you have a egg money card that is paying 4%.

There are other if you look and can be bothered to movethe money around and keep track.

Trying_to_be_good

Make sure you use your ISA allowances now you're offset - £3,600 per adult each tax year, so you'll need to get your skates on for the 2008/09 tax year. Check out the ISA thread for the best rates (over 3% at the moment).