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offset - am i a candidate?
wymondham
Posts: 6,356 Forumite
hi all
I've read many times that people need X amount in savings before offset will work for them and I'm just wondering if offset would suit me?
Our mortgage is currently £38,000 (9yrs remaining) - we have £15k in savings (which we hope to increase at around £200 p/m). Would offset suit or is it better to look to overpay?
I am looking at OneAccount,FirstDirect and also like the look of Nationwide...
many thanks!
rob
I've read many times that people need X amount in savings before offset will work for them and I'm just wondering if offset would suit me?
Our mortgage is currently £38,000 (9yrs remaining) - we have £15k in savings (which we hope to increase at around £200 p/m). Would offset suit or is it better to look to overpay?
I am looking at OneAccount,FirstDirect and also like the look of Nationwide...
many thanks!
rob
0
Comments
-
Offset does indeed look like it may work for you - on the basis of the figures you have provided.
It may be worthwhile getting a whole of market adviser to look at other options as well i.e. flexible to see what the difference in rates would be for you.
Nationwide do not do offset mortgages
What is the value of your property?I am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
it's around £170,000. Nationwide seemed to offer a fairly good flexible mortgage. I'm keen to be able to overpay as and when as well!
Just looking for the best vehicle to get rid of the mortgage as soon as i can!
thanks for your reply!0 -
At that kind of loan to value you should have the pick of the market. As the loan amount is pretty low, any deals you look at should take careful consideration of fees. Also because of this you do not really want to keep re-mortgaging every 2 years or so.
It may be worth while looking for a decent lifetime deal, as opposed to 2/3 years tracker or fixed rates.
Have a word with a whole of market mortgage adviser and I'm sure they'll be able to helpI am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
many thanks for your help!!!0
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