Which lenders offer offset mortgages?

IAMIAM

Offset mortgages and Current Account Mortgages need to make a come back in my opinion, especially given current climate

dimbo61

Agree with IAM IAM
Now the £1,000/£500 Tax free limits on earned interest before you pay 20/40% Tax having an offset mortgage makes more sense than ever

housebuyer143

dimbo61 said:

Agree with IAM IAM
Now the £1,000/£500 Tax free limits on earned interest before you pay 20/40% Tax having an offset mortgage makes more sense than ever

Yes and no. If you are offsetting lots of it then maybe, but the rate is higher than the non offset equivalent so you are paying more to have it 

silvercar

There are times when offsets are competitive. I'm paying BoE plus 0.75% and have been for the last 16 years.

housebuyer143

silvercar said:

There are times when offsets are competitive. I'm paying BoE plus 0.75% and have been for the last 16 years.

Yes, but that's not as competitive as other trackers which have been around recently. They might have been competitive 16 years ago, but not so now. 

I'm on 0.29% above base. The same product but on the offset equivalent was 0.6% higher again. It's the same at Barclays etc. Offset always come at a premium. 

SouthLondonUser

silvercar said:

There are times when offsets are competitive. I'm paying BoE plus 0.75% and have been for the last 16 years.

And how did  that compare vs other trackers at the time?

I don't think there have ever been many offset mortgages offering a competitive rate vs traditional mortgages - in fact, I always remember a premium.

For my specific circumstances and preferences, an offset would make sense only if I could offset a very significant part of my mortgage, but of course everyone's situation is different.

silvercar

SouthLondonUser said:

silvercar said:

There are times when offsets are competitive. I'm paying BoE plus 0.75% and have been for the last 16 years.

And how did  that compare vs other trackers at the time?

I don't think there have ever been many offset mortgages offering a competitive rate vs traditional mortgages - in fact, I always remember a premium.

For my specific circumstances and preferences, an offset would make sense only if I could offset a very significant part of my mortgage, but of course everyone's situation is different.

It was a 5 year fix followed by the tracker part. To be honest we didn't know about the tracker part when we fixed, it was only towards the end of the fix when I enquired about other deals the same lender had, that they said "you do realise there is a follow on tracker...." At that point it was an amazing deal.