offset mortgage

Coveredinbees!!!!

When I get paid this month my offset mortgage balance will be positive and hopefully will still be by the end of the month, does this count as being mortgage free? Do I win a prize? Only joking just happy to not be paying any more interest.

sweetdaisy

Coveredinbees!!!! wrote: »

When I get paid this month my offset mortgage balance will be positive and hopefully will still be by the end of the month, does this count as being mortgage free? Do I win a prize? Only joking just happy to not be paying any more interest.

That's great news. I have an Offset Mortgage too and can't wait until I am mortgage neutral .

Coveredinbees!!!!

I like the term Mortgage Neutral. People said we were mad having an offset Mortgage but we knocked 9 years off the term and still have the endowment money to come out.

jodles16

Thats a great way of managing it, well done on the becoming Mortgage Neutral!

Jodles:beer:

Gizmo247

I was mortgage neutral for about 3-4 months but I did not consider myself mortgage free, as with the nature of offsets, some of the money had multiple roles. i.e. My emergency fund was offset against the mortgage.

It wasn't until I created an alternative emergency fund and enough working capital that the offset money's only role was to pay off the mortgage. At that point I emptied the savings account and paid the mortgage account down to zero but did not close it. I left £149 in the current account (the closure fee) as I don't like zero balances on current accounts.

So my offset is effectively mothballed with everything now moved over to a Santander 123. So now I consider myself mortgage free.