Promise this is my last question?!

GMS

another_login wrote: »

Hi

I am in a similar position, wanting to remortgage but not sure of how my home will be valued. I paid for a hometrack analysis, which was encouraging, but haven't done anything concrete yet. I would ne interested to know how these banks deal with your valuation .So would be interested to know how it works out.

Best of luck.

Type postcode in here http://www.rightmove.co.uk/house-prices.html;jsessionid=6CCE799FF48BD117FD14A86361EB681C and search for sold comparables in last 12 months within 1/4 mile. Gives an indication.

getmore4less

I won't quote the post but given your strategy what about an offset?
(if you qualify)

First direct used to have the best ones but a quick look and they are no longer competitive. 2.79% is a ridiculous 1% margin over the tracker.

Coventry have one at 1.99% £300 fees
(double check there may be cheaper ones out there)

This is a 0.2 margin over the FD tracker and you can used the offset account for cash flow and savings, juggling money through monthly saver and interest current accounts that pay more.

getmore4less

the numbers adding the offset as 4
payment £883
1. £135400 @ 2.19% 180m + £44 interest £23584
2. £135577 @ 1.99% 177m + £311 interest £21024
3. £136248 @ 1.79% 175m + £435 interest £18712
4. £135401 @ 1.99% 177m + £75 interest £20965

If you had £7k in the offset(loss of savings interest)

174m+£410 interest £18652 (and still have the 7k saving)

Amy56

getmore4less wrote: »

the numbers adding the offset as 4
payment £883
1. £135400 @ 2.19% 180m + £44 interest £23584
2. £135577 @ 1.99% 177m + £311 interest £21024
3. £136248 @ 1.79% 175m + £435 interest £18712
4. £135401 @ 1.99% 177m + £75 interest £20965

If you had £7k in the offset(loss of savings interest)

174m+£410 interest £18652 (and still have the 7k saving)

Thank you so much for taking the time to post these . I will have a proper look in to this over the weekend, so thank you

getmore4less

Offsets are not for everyone(you have to be disciplined)

At these low rates where savings are possible at more than the mortgage the low rate with saving will be slightly more beneficial than the offset but the margin is so low the extra cost against the flexibility of the cash flow benefits can make it worth while.

There are also stoozing opportunities to make up the gap

£10k 0.2% margin costs £20 a year when there are savings at more than the mortgage rate.