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What's the best mortgage

mikeh1966
mikeh1966 Posts: 4 Newbie
in Mortgages & endowments
Am thinking about moving house, am currently on an offset deal - should I stay with this or move to a fixed or variable. Any thoughts?

Comments

  • _Andy_
    _Andy_ Posts: 11,150 Forumite
    No idea as you've given us no information to go on.
    What rate are you currently on?
    Property value?
    Mortgage amount?
    Current lender?
    Do you want the stability of a fixed rate?
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    The offset is not a mortgage but a type of facility attached to the product.

    Different products suit different people depending upon circumstances and perception of risk.
  • mikeh1966
    mikeh1966 Posts: 4 Newbie
    Yep sorry, lack of info -not done one of these forums before. OK details - with the One Account at the moment -and overpaying mortgage and been putting savings against it so seems to have worked ok - but that was setup 5 years ago. Looking to move and buy for £285K and looking for 75% mortgage for £213,750. Just wondered if anybody had done something similar.
  • getmore4less
    getmore4less Posts: 46,882 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    edited 12 June 2010 at 11:52AM
    Still no info on your current mortgage!

    Why do you have the One Account?

    If you like offsets you shold look for a better one than the OneAccount.

    Fist Direct are contsantly up there with competative deals there are others, Barclays allows ISAs to be offset which might be attractive.

    How much do you need to borrow if you get the LTV better you could get a better Deals
  • mikeh1966
    mikeh1966 Posts: 4 Newbie
    OK, current del is 3.7%, have balance of £129K on one account as was recommended 5 years ago. I'm in a position where I get £20K + bonuses a year, also have £10K in an ISA which earned not a lot this year. So makes sense to utilise savings and bonuses to save on interest paid on the mortgage account.

    So new mortgage looking for terms of 21 years (then I hit 65!) , plan being that future bonuses/savings will go against this.

    However there maybe better deals out there.
  • mikeh1966
    mikeh1966 Posts: 4 Newbie
    Sorry one point LTV I'm looking at is 75%
  • getmore4less
    getmore4less Posts: 46,882 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    https://service.oneaccount.com/DAPP/currentrates.do

    3.85% for 75% LTV

    http://www2.firstdirect.com/1/2/mortgages/offset-mortgage-rates


    75% ltv £499 3.29%, no fee 3.59%

    That is better than you have now so is a new starting point for a search.
  • dimbo61
    dimbo61 Posts: 13,727 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Check out the YBS fixed offset deals as some of the best fixes on the market at the moment
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