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Offset mortgage- question
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VfM4meplse wrote: »Sounds smart in theory but presumably you're still paying the monthly mortgage plus interest? What was the actual saving made per month and the net save since 2005?
Sorry, I never replied to this - only just noticed it.
The interest on the mortgage is £77 a month and I get £272 (31 day months) back. However, I have £80000 invested to get the £272 (I added £10000 of savings to the mortgage money).
I then ask for a mortgage payments holiday and requested to only pay £80 a month. This mortgage payment holiday lasts for 12 months and I just renew it. I've never been queried by the bank about it.
I didn't start doing it until sometime in 2009 when the interest rates plummeted so its made me about £5500 so far.0
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