We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
First Direct Offset Account
Options
garywoodward
Posts: 4 Newbie
Hi all,
First time poster, long time lurker!
I’ve just started a First Direct Offset mortgage, offsetting a good amount of the loan with savings pooled together between myself and my partner.
I wondered if anyone with their mortgage could tell me how the monthly payments work? Obviously as we have offset accounts the interest payments will be variable.
Do we get warning of the DD amount a bit like a credit card? How much notice if so?
This will help a lot with our monthly budgeting so would really appreciate some advice.
Thanks in advance.
First time poster, long time lurker!
I’ve just started a First Direct Offset mortgage, offsetting a good amount of the loan with savings pooled together between myself and my partner.
I wondered if anyone with their mortgage could tell me how the monthly payments work? Obviously as we have offset accounts the interest payments will be variable.
Do we get warning of the DD amount a bit like a credit card? How much notice if so?
This will help a lot with our monthly budgeting so would really appreciate some advice.
Thanks in advance.
0
Comments
-
Yes, you get about 2 weeks notice, giving plenty of time to budget. The payments are quite static and don't go up and down that much, unless there is a large fluctuation in capital in your savings accounts.What I do not give, you must never take by force.
Mortgage outstanding - 30/12/22 - £25,900. 31/01/23 - £22,300. 28/02/23 - £20,500. 31/03/23 - £17,500. 30/04/23 - £15,800. 30/05/23 - £13,800. 31/06/23 - £11,300. 31/07/23 - £9,800. 31/08/23 - £8,300. 30/09/23 - £6,000. 31/10/23 - £3,000. 30/11/23 - £1,200. 06/12/23 - £00.00
God save us everyone, As we burn inside the fire of a thousand suns, For the sins of our hands, The sins of our tongues, The sins of our fathers, The sins of our young. Linkin Park1 -
Thank you! And good luck with your mortgage free project. Looks like you’re making good progress! 1
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 350.7K Banking & Borrowing
- 253K Reduce Debt & Boost Income
- 453.4K Spending & Discounts
- 243.7K Work, Benefits & Business
- 598.5K Mortgages, Homes & Bills
- 176.8K Life & Family
- 256.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards