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Anyone any experience with Scottish Widows Offset?
Comments
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SWB sent you up a bank account that offsets against your mortgage daily. You can set up for the benefit of the offset to result in lower monthly payments or shortening of the mortgage term.You nominate one of your existing bank accounts through which you can move funds in and out of the offset account.
Switch rates are reasonable.
The benefits of an offset account are considerable if you choose to use it. We have some clients that are offsetting 100% of their mortgage. Expect to offset 20% of your balance for the benefit to match the lower interest rates available on standard mortgages.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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 -
@iamiam As far as offsets go in the current market, it's a really good product. A couple of my self employed clients with spiky cash-flow swear by it. Good PT rates as well.
I am a Mortgage Adviser - You 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.
PLEASE DO NOT SEND PMs asking for one-to-one-advice, or representation.
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My only notice is that they charge additional borrowing at standard variable....1
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@iamiam As per their guidance, you can switch the additional borrowing from SVR to a new rate once drawn down by applying for a Product Transfer. So most likely that means only a month at most on SVR.
I am a Mortgage Adviser - You 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.
PLEASE DO NOT SEND PMs asking for one-to-one-advice, or representation.
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@amnblogamnblog said:SWB sent you up a bank account that offsets against your mortgage daily. You can set up for the benefit of the offset to result in lower monthly payments or shortening of the mortgage term.You nominate one of your existing bank accounts through which you can move funds in and out of the offset account.
Switch rates are reasonable.
The benefits of an offset account are considerable if you choose to use it. We have some clients that are offsetting 100% of their mortgage. Expect to offset 20% of your balance for the benefit to match the lower interest rates available on standard mortgages.
my situation is 200k mortgage and 200k offset, have spiky income and rental income that would go in repaying annually, hoping to repay all in 5 years
e mortgage has a 2 year fixed term, is there any issue with that?0
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