Need to change mortgage quickly

getmore4less

AnotherJoe wrote: »

"The 11k, was to round it up to 100k no other reason. Our current buffer is about 30k in the one account but I don't need it to be that much.".
Indeed but what about the £30k? OP said mortgage is £89k plus they have £30k in the offset so if they use the £30k that makes the mortgage £59k.

It's not an offset it is a One Account they work differently.

I read the mortgage as £89k with a £30k buffer meaning they can increase debt back upto £119k in the One Account

if it was the way you describe they would only need a new mortgage of £70k and still have £11k to put somewhere else

perhaps OP could clarify...

getmore4less

throwing some numbers at the £100k and using a Barclays lifetime offset

£100k @ 4% £1000pm 122 months £21,834 interest
£100k @ 4% £1013pm 120 months £21,494 interest

Barclays offset 2.29% £1500 fees
£101.5k @ 2.29% £1000pm 113 months £11,426 interest
£101.5k @ 2.29% £1013pm 112 months £11,258 interest

Break even on the change is 6 months

Other fees may apply and there are probably other options that will be better if the OP can live with a smaller flexible fund.

AnotherJoe

getmore4less wrote: »

It's not an offset it is a One Account they work differently.

I read the mortgage as £89k with a £30k buffer meaning they can increase debt back upto £119k in the One Account

if it was the way you describe they would only need a new mortgage of £70k and still have £11k to put somewhere else

perhaps OP could clarify...

That makes sense, thanks. I had an offset mortgage and thought the One Account was an offset and worked the same. Obviously, it isn't and doesn't.