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Offset Mortgage
doccer1967
Posts: 106 Forumite
I have an offset mortgage ie. my savings interest is offset against my loan. I realise that for savings I am protected for 85k of my money. However I have more than this in the savings but it offsets the mortgage.
therefore if the bank went under would i lose the savings but still have the mortgage debt?
as you can see slightly confusing, anyone have a view - or where I could validate
therefore if the bank went under would i lose the savings but still have the mortgage debt?
as you can see slightly confusing, anyone have a view - or where I could validate
0
Comments
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No you would lose the savings but you would also lose an equal amount of the mortgage debt. So you would be no worse off.:footie:
Regular savers earn 6% interest (HSBC, First Direct, M&S) Loans cost 2.9% per year (Nationwide) = FREE money. 0 -
No UK bank would be alowed to go " under" and most now have to have even more capital in reserve.0
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See this threaddoccer1967 wrote: »I have an offset mortgage ie. my savings interest is offset against my loan. I realise that for savings I am protected for 85k of my money. However I have more than this in the savings but it offsets the mortgage.
therefore if the bank went under would i lose the savings but still have the mortgage debt?
as you can see slightly confusing, anyone have a view - or where I could validate
https://forums.moneysavingexpert.com/discussion/3369702=0
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