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PhilB3374
Posts: 8 Forumite
I'm after some advice!
I have a mortgage with the One Account. I've got a mortgage of £68k which is offset by 'savings' of £22k.
Property value that the mortgage is based on is £110k (prob nearer to £150k now) and my facility is £78k. Interest rate is currently 6.70%
I love the offset aspect of the account as I'm not paying interest on my savings and get a much better return on those than I probably could in a savings account.
When I switched this account 4 years ago I reduced my term so it's due to be paid off by Sept 2015 although I'm currently £30k ahead of plan.
There is usually a good amount of cash in the account through the month as I do most spending on my credit card and pay it off at the end of the month.
Do you think I'm best to stick with the One Account for simplicity and put up with the high rate or are there some better options for me elsewhere?
Look forward to your comments!
I have a mortgage with the One Account. I've got a mortgage of £68k which is offset by 'savings' of £22k.
Property value that the mortgage is based on is £110k (prob nearer to £150k now) and my facility is £78k. Interest rate is currently 6.70%
I love the offset aspect of the account as I'm not paying interest on my savings and get a much better return on those than I probably could in a savings account.
When I switched this account 4 years ago I reduced my term so it's due to be paid off by Sept 2015 although I'm currently £30k ahead of plan.
There is usually a good amount of cash in the account through the month as I do most spending on my credit card and pay it off at the end of the month.
Do you think I'm best to stick with the One Account for simplicity and put up with the high rate or are there some better options for me elsewhere?
Look forward to your comments!
0
Comments
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Nobody got any thoughts?!0
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everyone is prob jealous cos you're in such a great situation you lucky man!
Ive got an offset mortgage too with abbey and am getting addicted to putting money in the savings pot although it is definately not as much as yours!!!!
have a look on money supermarket .com for a quote on remortgaging to a new offset mortgage without taking out any more money.... You may get a better interest rate on your savings, with lower monthly repayments to allow you to pay more into your savings pot. There is also a facility on there that you can get a financial adviser to call you back..... Good luck and well done for all your saving.... you are an inspiration to me !!! LOL
Lauren .0
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