New Buyer - Fixed or Offset?

AFlo

Hi All,

My wife and i are looking to buy a place in London and we're planning on putting an offer in tomorrow.

We have a ca. 20% deposit and i'm not sure if the best thing is to fix, or to use an offset? Buying the house will obvioulsy wipe our savings out, but i'm hoping to rebuild them over the period. Is it worth offsetting?

Also, we're using a mortgage broker, but i understand that they don't always cover every deal out there. Any one got any top tips on lenders to look at?

Cheers,

Andy.

dimbo61

How about a fixed offset mortgage I have got one and very happy with my decision.
I am with YBS but First Direct also do good deals.

_Andy_

AFlo wrote: »

We have a ca. 20% deposit and i'm not sure if the best thing is to fix, or to use an offset? Buying the house will obvioulsy wipe our savings out, but i'm hoping to rebuild them over the period. Is it worth offsetting?

.

Andy (good name by the way) - this is something that should've/would've been discussed with your broker.
Your broker needs to assess whether an offset is the most appropriate product for you and make a recommendation on that basis.

Gorgeous_George

Get the lowest fixed rate possible (when including fees etc.). If a fixed rate offset is priced similar to a non-offset fixed rate, I would take it. Otherwise, I'd choose the non-offset fixed rate and macxout ISAs etc., befoire overpaying the mortgage.

GG