New mortgage dilemma

jimthebin

I am due to change my mortgage very soon and have become interested in the idea of the one account I was wondering if this type of mortgage is a good idea or indeed a fad. I really want to get mortgage free as soon as possible and I do have extra money at the end of the month and some savings that I don’t want loose (not have access to!) just encase.

Any ideas would be much appreciated

Regards

jimthebin

tiddles

Why not try an offset mortgage Jim?

gallygirl

I'd have a look at the Woolwich offset. You can have up to 10 accounts linked to your mortgage, so could keep your current account and savings accounts separate so easy to control, but still offset against your mortgage.

Am sure there are others who let you have a 'pot' of accounts as well.

UK007BullDog

The pot idea is unique to Woolwich/Barclays.

You might also want to look at all kinds of flexible mortgages.

Offsets are very good for people with large savings or starting to save up. If you have very small savings then it might be better to just get a flexible mortgage where you can overpay and should you ever need the money back you can.

Offsets are a bit more expensive to traditional mortgages.