Intelligent Finance offset

bewilderedhelpneeded

I currently have an IF offset mortgage which I overpay each month.

Yesterday I received a letter from IF stating that from April they will no longer be offering further advances or allow you to change mortgages.

I have overpaid in the past and then obtained further advance to borrow money back. Would I be better off now stopping making direct overpayments to mortgage but to keep money in my linked savings account? Does anyone know if it makes a difference moneywise if I put money direct into mortgage as overpayment or leave it in linked savings account?

I have a btl mortgage with mortgage works on interest only basis and last week asked IF if I could have further advance with intention of paying btl off. Further advance is on repayment basis and monthly payment not much more than im paying mortgage works on interest only basis so im keen to push this through asap

hillcats

There is another thread about IF stopping further lending, still not personally had the letter yet... https://forums.moneysavingexpert.com/discussion/4839281
If you keep your funds in a 'linked' offset account then you will only pay interest on borrowed funds that you can't match. (ie: money you don't have in savings compared to debt owed)