Nationwide - No Offset Mortgages?

mysmeg

Does anyone know why Nationwide don't offer these? have they in the past? and in general are they any good ?

Jimbo1976

I think you would need to ask Nationwide why they don't!

It might be because it is very expensive to build the IT platform for these kinds of mortgages and Nationwide has never needed to.

Looking at your other post, an offset deal would be pretty good for you as you have a large lump sum compared with your mortgage.

In your case you would take out a loan for £85,000 and then deposit your £50,000 in a savings account alongside the mortgage. So you would effectively pay interest on £35,000. You can access all of your £50,000 if you need any of it back.

The big downside for you would be that you would have to pay a higher interest than your 2.5% with Nationwide. Typically offset mortgages are slightly more expensive than "normal" ones.

TrickyDicky101

If you are already on the BMR then it is quite likely you already have access to a virtual offset mortgage - check out if your current mortgage has the "borrow back" facility.

mysmeg

This helps me I think. :j

getmore4less

BMR is base+2% tracker currently 2.5%

Any ISA saving at this rate or better does the job.

20% tax 3.125 or better savings accounts a few monthly savers do that

A tracker term account for some of the money might work if you don't need access to all the savings.