Egg Flexible Mortgage

wymondham

Hi All
I've been looking at the OneAccount, FirstDirect, but have now seen the Egg Flexible Mortgage which seems very reasonable, but I've not seen any other discussions on it - does this mean a) nobodies seen it or b) it's a bad egg!
any thoughts on it appreciated!!

santana-mx3

I had an Egg flexible mortgage (without the offset option which I wasn't offered at the time) from 2000 until earlier this year. It wasn't the best rate but the service was excellent and with no restriction on regular overpayments or lump sum overpayments (though lump sum ones had to be £500+) I was able to pay it off way ahead of schedule. It was also nice being able to see the balance online (although you can't service the account online, other than by sending secure email instructions to egg) instead of having to wait for statements. Applying was straightforward - I went through the details on the phone and they sent me a completed application form and got the survey done quickly. It's cheap to set up too although as I said the rate's not the best. Also, their phone number isn't an 0870 (ok 0845 isn't perfect but it's better) and I haven't had to wait long on hold. I'm sort of regretting not going back to them for my new mortgage because by trying to save on the rate I'm getting slow, inefficient service elsewhere and having to wait on hold for ages on 0870 numbers. However, since I'm borrowing a lot more this time, I was more fussy about the rate.

gallygirl

I have an Egg flexible mortgage. It is SUPERB, I can't recommend it highly enough (particularly as they have a load of fixed and flexible options to choose from at the mo).

We pay the minimum mortgage payment every month, then pay an extra £200 by DD into the offset savings account each month - the (dis???)advantage being you can get this back at any time. If you set up an Egg Money Manager account you can transfer extra money in and out on line at will. When you transfer money in it is credited immediately, saving you p's interest, even though it takes a few days to leave your bank account.

Customer service is excellent - low rate number, usually quick to get through, am on 1st name terms with some as am currently remortagaging to a 2 yr discount.

(I don't work for them, honest!)

wymondham

Thanks for the replies. I shall put them high on my list (have until April to find a suitable alternative to current Abbey!!)

nrsql

From the web site it looks like you can get a 5.09% fixed for 2 years with an offset savings account. Might give them a ring to see if that's true.

Yep - just looked further and it is true. You can only overpay 10% per year without charges but can have an offset savings account during the fixed period. Might be interested in that.
There's a 1 year overhang though.

Does the offset savings account work the same way as the egg savings account? i.e. do transfers take the same amount of time?

Jays

Whilst you are researching Wymoondham, do remember to check the rates available through the brokers.

I'm offset with First Direct, but applied through London & Country and they managed to get me a better rate that applying direct to First Direct.

I can't fault First Direct, love the offsetting facilities and have four accounts linked to the mortgage so currently, after overpaying like mad, have the equivalent of the debt in the accounts, therefore no interest to pay. (Our ISAs are up-to-date too, just mentioned as some will argue that the offset savings can work harder in ISA accounts. We are now looking into the LloydsTSB savings account for the excess).

dfarry

Jays wrote:

Whilst you are researching Wymoondham, do remember to check the rates available through the brokers.

I'm offset with First Direct, but applied through London & Country and they managed to get me a better rate that applying direct to First Direct.

I can't fault First Direct, love the offsetting facilities and have four accounts linked to the mortgage so currently, after overpaying like mad, have the equivalent of the debt in the accounts, therefore no interest to pay. (Our ISAs are up-to-date too, just mentioned as some will argue that the offset savings can work harder in ISA accounts. We are now looking into the LloydsTSB savings account for the excess).

Yes same here... my application is just going through.

hi123

hi i am in same boat looikng for an offset product.
offer from l& c is for first direct at 4.69% for 18 months with fees of 299£
can someone else beat the rate