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Offset mortgage

maveli
maveli Posts: 590 Forumite
Part of the Furniture 100 Posts Name Dropper Combo Breaker
in Mortgage-free wannabe
Is it allowable to fully offset a mortage with savings ? Say I have 200K mortgage will the bank allow to put 200K in savings against the mortgage. In this case do I need to pay anything monthly ?

Comments

  • peldpeld
    peldpeld Posts: 6 Forumite
    Second Anniversary First Post
    you need to pay the capital off each month as per the mortgage term but there should be any interest applied
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