OffSet ???

DeekRivers

Hi,

I'm looking to change mortgage in the next month or so, either via a remortage or a house move. I want something flexible, overpayments, borrow more if needed etc. Probably looking at borrowing somewhere between £175-200k over 25 years.

I've heard decent things about an Offset mortgage if you have a few grands worth of savings, also trackers or capped appeal.

Any advice/info/experiences would be appreciated - thanks.

MortgageMamma

What is it that attracts you to offsetting? you would need more than a couple of grand to make it viable on a 200k mortgage. a flexible mortgage could be more suitable.

herbiesjp

Agree with MM.

It sounds like a flexible mortgage is offering what you want here, and the rates will normally be better than offset deals

DeekRivers

ok thanks, I wondered if having approx £6k worth of savings & approx £2k in bank would make the offset a viable option.

Any suggestions on good flexible products/lenders would be appreciated.

I have much research ahead and narrowing it down would be a benefit.

Thanks again.

MortgageMamma

Hi there Deek

8k on a 175-200k mortgage won't make it worthwhile as the rate intially will be higher.

There are plenty of great flexible products, but I really could not recommend a specific one to you unless I knew all your circumstances. The scope of these sort of questions is outwith the limitations of a public forum to be honest. I would however suggest you too the advice of a whole of market broker. If they are fee's free you have nothing to lose and everything to gain.

The benefits of using a broker are enormous and I doubt very much you would save any money going it alone.

MM