First Direct Offset 3.94% 2 yr fixed

ManicMum

Hello

has anyone taken this mortgage out? What do your reckon? I have just under 75% LTV. Want to borrow 107k on 150k property. Have about £20k I can offset. The numbers look good. The variable is also quite attractive at 3.69% though appreciate it will probably not be this low in 2 years time. However, considering my current variable is 4.99%, hoping that First Direct may remain competitive!

I have done a Moneysupermarket search and this has come out well. I know some peope feel you need more to offset than I have but I fail to see how I can lose, unless I start taking money out the account which I am not planning to do.

Just wondered what others thought.

Many thanks guys.

Thrugelmir

ManicMum wrote: »

Hello

has anyone taken this mortgage out? What do your reckon? I have just under 75% LTV. Want to borrow 107k on 150k property. Have about £20k I can offset. The numbers look good. The variable is also quite attractive at 3.69% though appreciate it will probably not be this low in 2 years time. However, considering my current variable is 4.99%, hoping that First Direct may remain competitive!

I have done a Moneysupermarket search and this has come out well. I know some peope feel you need more to offset than I have but I fail to see how I can lose, unless I start taking money out the account which I am not planning to do.

Just wondered what others thought.

Many thanks guys.

An offset is useful for temporarily parking money or retaining an emergency fund. If you have excess capital you'd be better off trying to obtain a low interest rate on a lower LTV.

You also need to take the product fees into account when comparing mortgages. 2 years is a short fix period.