First Direct Offset Account

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.  :)

Comments

  • Tahlullah.H
    Tahlullah.H Posts: 1,227
    First Anniversary First Post Name Dropper
    Forumite
    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 Park
  • Thank you!  And good luck with your mortgage free project.  Looks like you’re making good progress!  :)
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