Offset mortgage advice please

Cat15

In in the process of remortgaging after a fixed 2 year mortgage with nat west. I have been reading about off set mortgages and nat west offer 4% variable linked to current and savings account. I have just moved to the coop from the royal bank of Scotland and would like to say with them. They don't do a offset mortgage but brittania does. 4.19% only linked to a savings account. My mortgage broker has encouraged me to go down the nat west route but feel uncomfotprtable using this bank. Has anyone used brittania and made it worthwhile or are there other more ethical banks that do offset banking? I don't have a huge amount of saving but keen to pay off the mortgage as soon as possible.

Wh05apk

What's your loan, property and savings value?

To make an offset work you need to have quite sizeable savings/or large cash flows through your accounts otherwise you will do better with a standard deal, overpaying as permitted.

Cat15

My property is worth £140,000
I owe £64,000
I have savings of around £17,000
I would like to use my credit card keeping funds to offset for as long as possible

Thrugelmir

How much do you owe on credit cards ?

Cat15

Hi, I dont owe anything on my credit card. The idea was to use my credit card and pay the bill when it was due leaving money in my account for longer. Thanks in advance for any pointers.

Wh05apk

Cat15 wrote: »

My property is worth £140,000
I owe £64,000
I have savings of around £17,000
I would like to use my credit card keeping funds to offset for as long as possible

With over 25% in savings it could well be worth looking at an off-set mortgage, but be careful arrangement fees tend to be higher as well, and on a relatively small mortgage like yours could wipe out any potential savings.

Cat15

Thanks for your advice. The one I'm looking at has a £999 arrangement fee for 4.1% interest or free for 4.4% interst. Higher interest but may work out better. That's that hard bit to work out.
Thanks again