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Offset mortgages still worthwhile?
directdebiter
Posts: 272 Forumite
I know this is a bit generic but just reviewing my mortgage - I have been on offset for ages. I know it gives good flexibility as I have available liquidity if required from drawing down on my limit.
But as I have never drawn down - just thinking is the the best mortgage to go for still as other rates seem ok. Is there a benefit in offsetting still and are rates generally better/worse on offset? Any feedback welcome - thx.
But as I have never drawn down - just thinking is the the best mortgage to go for still as other rates seem ok. Is there a benefit in offsetting still and are rates generally better/worse on offset? Any feedback welcome - thx.
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Comments
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It depends on your circumstances really. There is no set answer.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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If you were taking a new product today you would pay a premium for an offset rate over a standard rate.
Therefore if you take an offset rate, you need to make use of it.
If you have had your current rate for some time you may struggle to improve on it.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
What's the rate.0
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Offset rate offered 2.29%0
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