Offset Mortgage - thoughts, tips, advice

White_Rose_Tight_ThaKnows

Hello all

I'm on my lunch so I'll be quick but try be thorough.

These are my stats from my 2018 statement yesterday:

* end of third year of YBS offset 2.84% fixed until 01/2021
* value = £55000, outstanding 01/18 = £50183, outstanding 12/18 = £47413
* monthly payment £290-£300 = £3554 annual 2018
* offset saving account balance = £26170 (current direct debit £400p/m + any excess funds as and when)
* gross interest charged £1390, interest saved by offsetting £607, interest charged £784
* early repayment charge £1650 (I was told I can over pay as long as £1 remains), fee £90

Am I getting the best from my offset mortgage?

Thanks in advance and I'll add any further info tonight. Apologies for the rushed nature of this post.

getmore4less

You could cycle your savings through accounts that pay more interest that the mortgage.

Get a 0% CC(no fee spend card) and put all spends on that putting the cash in the offset till the 0% runs out.