WHAT mortgage shall we have!?

vegg

;)ok, so, like, i'm giving myself a headache x

offset advice please! fixed interest only ending end august (natwest )23yrs remaining

house value £285000 current mortgage£215000

have £65000 sitting in a current account to use to reduce mortgage down to£150000

monthly income currently £5000 plus £850 pension

no other debts

ok, so like, where do i start? i think an offset looks appealing, butconfusing, they're interest only right?

oh my, or a repayment? we defo want to make overpayments

looked at the natwest offset so far and connells recommended a coventryoffset
was thinking of maybe reducing the term ? am i completely going in the wrong direction?

harvey115

Offset is very good indeed because it gives you the comfort of access to your money you have in the offset account to offset the interest.

Many banks do offset in fact I am currently applying for one from Clydesdale. Barclays, Natwest, Coventry BS, Clydesdale, Chelsea BS and many more. If you can meet the lending criteria on Barclays I would go for them otherwise Coventry and Clydesdale look very good as well.

marathonic

After paying down your mortgage, you'll be below 60% LTV which will give you access to some of the best rates.

Have a look at Brittania and the Co-Operative Banks 60% LTV lifetime tracker. Their rates are 2.09% above the BOE Base Rate for the life of the mortgage.

This compares to Barclays 3.9% APR products with higher application fees.

If I were in your shoes, I'd look at this option.

According to their website, for the first 3 years, there's an early repayment charge of 1% on any overpayments over and above "10% of the previous year end balance of your mortgage each year".

With a £150000 mortgage, this means you'd be allowed to overpay by £15000 the first year, a little less the second, a little less the third and then unlimited overpayments thereafter.

The big advantage with a lifetime tracker is that you're unlikely to have to remortgage in the near future - you usually will if you opt for fixed rates or offset mortgages with time limits attached.

vegg

thank you muchly! hubby works away in afgan so i'm sorting this on my jack jones ~ your input is therefore VERY VERY much appreciated as i kinda dont want to get this wrong!! ok, so off to do some research