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Offset mortgage - use a broker?
Imelda
Posts: 1,402 Forumite
Hello
we are in the process of selling our house and buying another.
We currently have an offset mortgage with First Direct which is fully offset.
We will need a new mortgage for our purchase and were thinking about another offset. We will be borrowing around 20%-25% of the value of the new house.
The reasons we would prefer an offset are:
my husband usually gets dividends and bonuses from his job which means his pay is quite erratic, many mortgages have a 10% limit on overpayments but in good (🙄) years we can overpay a hefty chunk but with the knowledge we can borrow it again if necessary.
The houses we are looking to buy are doer - uppers and so it will be useful to have credit easily available and we can offset our renovation budget whilst we obtain plans etc.
I know not many lenders offer them and so is their any point using a broker? We are both employed and we are looking at borrowing 2x our combined basic salaries, it *should* be straightforward (famous last words!).
we are in the process of selling our house and buying another.
We currently have an offset mortgage with First Direct which is fully offset.
We will need a new mortgage for our purchase and were thinking about another offset. We will be borrowing around 20%-25% of the value of the new house.
The reasons we would prefer an offset are:
my husband usually gets dividends and bonuses from his job which means his pay is quite erratic, many mortgages have a 10% limit on overpayments but in good (🙄) years we can overpay a hefty chunk but with the knowledge we can borrow it again if necessary.
The houses we are looking to buy are doer - uppers and so it will be useful to have credit easily available and we can offset our renovation budget whilst we obtain plans etc.
I know not many lenders offer them and so is their any point using a broker? We are both employed and we are looking at borrowing 2x our combined basic salaries, it *should* be straightforward (famous last words!).
Saving for an early retirement!
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