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Offset mortgage excess
56K
Posts: 1 Newbie
We have an offset mortgage and are due to come into some money which will mean our savings will be greater than our mortgage. Not sure what happens in these circumstances. Will interest be paid at the mortgage rate on the excess?
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Comments
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No. You could place the excess funds in an alternative interest-bearing account rather than the offset account.0
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As above. With every offset lender I can think of, no interest is paid on offset savings accounts, so you'd be better off keeping the amount in there at the same level as the mortgage and invest the rest elsewhere.I am a mortgage adviser.You 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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Of those that had this loophole they fixed it and most never had it in the first place.
It will be in the T&C's best get them out and have a read for any other things you may have overlooked.0
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