Can you borrow more with an offset mortgage?

jrs101

dimbo61 wrote: »

Do you have savings in cash ISA,s ?
If you are paying say 3% on your mortgage and can earn 4% from a cash ISA then fill your ISA allowance

Yes I do in ISA's but its not worth transferring as the rate is lower than the offset rate. That's correct in my thinking isn't it?

Thanks for replying but you haven't answered my question.

I said "Is it best to put ALL savings into the offset pot and if so, how do you work out what interest you would need to receive to make it more beneficial to put it into a savings account elsewhere?"

Anyone?

Thrugelmir

The amount you actually offset is irrelevant to the LTV on the property.

You'd therefore be better off injecting more of your cash into purchasing the property. Thereby obtaining a far better interest rate on your mortgage than otherwise.