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off set help
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stevewb
Posts: 3 Newbie
I have a current mortgage of £80,000 and have received a lump sum of £40,000 would it be a good idea to use this lump as an offset mortgage.
Thanks for any advice
Thanks for any advice
0
Comments
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The simple answer is YES - interest will be charged on the difference only and you will still have access to your savings. Seeing the sum reducing monthly is highly motivational and the quickest way of paying off a mortgage. Good luck!Value-for-money-for-me-puhleeze!
"No man is worth, crawling on the earth"- adapted from Bob Crewe and Bob Gaudio
Hope is not a strategy
...A child is for life, not just 18 years....Don't get me started on the NHS, because you won't win...I love chaz-ing!0 -
I love offset mortgage BUT you already have a mortgage and the cost of leaving your existing deal to get an offset mortgage might be too high.
We know very little about you or your situation IE income, LTV of current property, lender and current deal , plans for the future ( bigger property?)
If you are on your current lenders SVR of say 2.5% you could just pay the £40K straight off your mortgage in the morning ( is that a good idea I dont know!!)
We need more information0
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