ADVICE - Mortgage with unlimited overayments PLUS Borrowback ?

stylus360

Hi All

Had the above options with my Nationwide mortgage but they have know stopped the borrowback facility (still unlimited overpayments)

Have been searching but can not find anything, some have borrowback but 10% limit on overpayments etc.

Any advisirs out there or anyone currently have a product that meets this ?

Thanks

TrickyDicky101

Perhaps an offset mortgage would be suitable - have you looked at any of those?

stylus360

Have looked at them and but still do not like the idea of owing the full amount at end of term/paying interest only.

If i borrowed £40k on my old flexible drawback mortgage and paid off the £40k in 5 years i would have that reserve available to me at any time with no interest to pay whilst paid off.

If i did that with an offset i would still be paying interest, the investment part would not cover the borrowed part.

Anyone comment on this, have been searching but still no luck !!

wymondham

The One account does all this...

stylus360

Just googled that, do you mean the Virgin one ?

Senior_Paper_Monitor

Offset on repayment basis (if I've understood you correctly) - lots of them around

stylus360

So you can have an offset that is a repayment or interest only ?

Senior_Paper_Monitor

Yes - if you don't have an acceptable repayment vehicle the great majority of lenders insist on repayment basis (in effect it is only your overpayments that remain reusable)

stylus360

Thanks, thought they were only interest only.

Now to compare rates !!!!

wymondham

stylus360 wrote: »

Just googled that, do you mean the Virgin one ?

Virgin were behind it, it's now backed by RBS

http://www.oneaccount.com/onev3/service/home/service-landing.html

We used this a few years back to clear the mortgage - basically anything left in your account each month is your 'mortgage payment' (completely accessible!). Clears down the loan very quickly.

NeilB

wymondham wrote: »

Virgin were behind it, it's now backed by RBS

http://www.oneaccount.com/onev3/service/home/service-landing.html

We used this a few years back to clear the mortgage - basically anything left in your account each month is your 'mortgage payment' (completely accessible!). Clears down the loan very quickly.

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