Offset Mortgage Help!!

corrado999

hi all, new on here but thought you all looked rather helpful so thought id post a query.

we have a Woolich offset mortgage of around £122,000 and roughly £16k in our linked offset accounts. we currently pay £950 a month off the mortgage and have the lucky option of being able to pay more then this off, or make use of the lump sum payment option through the bank website.

question is with interest rates so low, is there more benifit in paying off a lump some with the £16k or keeping it offset?, should we pay it all in and have a lower capital?, im not sure and getting confused , any help appreciated
ta phil

corrado999

sorry just been reading other threads!, looks like theres not much point in doing what i mentioned

ViolaLass

It really depends on your mortgage interest rate.

getmore4less

Makes no difference, (offset or overpay)

What rate are you on?

Might be worth puting the savings somewhere else

A regular savings account probably pays more than the mortgage and these are easy to set up on line as an existing customer.

A 0% purchase credit card can be a usefull way to buildup extra offset funds.