Offset Dialema

gaz2427

Hi all, I am new at this as i have just joined but hoping that i can help out when the time comes.
My query today is that i am tied into a repayment fixed mortgage with the Nationwide for another 3 years at a rate that now is awful. I have a tidy lumpsum in another account which is not earning me much at all and i am contemplating switching my mortgage to one where my savings will help bring the costs of my borrowing down. There are loads of deals but i am still unsure of which one to go with and if it's even worth the hassle. I know there will be a charge if i leave my mortgage early so i feel it's worth it when i eventually do the sums. Any advise or recommendations would be gratefully recieved. Thanks Gaz

figgles

Can you not overpay on your Nationwide mortgage? If you can and your savings are earning less than you are paying on the mortgage pay as much as you are allowed penalty free and as you can afford.

Alternatively look at the products from First Direct, One Account and other offsets, each have their own unique selling points. I'm a One Account person myself, have been for 10+ years.