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Someone's grandmother
kittymott
Posts: 8 Forumite
Bewildered...I want to change to repayment but can repay part of outstanding balance. Also have some cash to deposit. Woolwich have package with no interest payable to value of savings deposited. Is this the best deal available for quick clearance of mortgage?
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Comments
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Sounds like the Woolwich offest mortgage - where you get no interest on the savings you hold, but you do not pay any mortgage interest on the correspondiing amount of money on your mortgage account.
These rates tend to be higher than normal rates - and you would need quite a large propotion of savings held against the mortgage balance to make this of benefit.
You may just want to look at other tracker/discount/flexible schemes that offer the same flexibility to overpay, but with a lower interest rate.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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