First Direct Offset Mortgage

PoundsShillingsAndPence

I have the money in my FD account offsetting against my mortgage. Which is great but VERY tempting.

I was thinking of doing an actual over payment using a big chunk of this money.

My question is - if I do make a big over payment can I then at a later date get some or all of it back into my FD account? and would this cost much or take long to do?

Thanks

zagubov

PoundsShillingsAndPence wrote: »

I have the money in my FD account offsetting against my mortgage. Which is great but VERY tempting.

I was thinking of doing an actual over payment using a big chunk of this money.

My question is - if I do make a big over payment can I then at a later date get some or all of it back into my FD account? and would this cost much or take long to do?

Thanks

We had to do this many years ago. When you try to take money back from the mortgage account it warns you that you will need to pay back the capital at some point.

But it didn't stop us transferring the money into our current account so that we could use it.

Obviously we weren't emptying the whole account!

kidmugsy

Why not just try the experiment with £1,000 and see how it goes?

anselld

With FD you can transfer money into the mortgage account and vice versa at any time. You can do it from online banking screen.

However, since it is so easy it doesn't really remove the temptation.

PoundsShillingsAndPence

Thanks , thats good news.