Offset Mortgage for Buy to Let

JoBridger

On the subject of good offset mortgages, I have just remortgaged my Buy to Let propery and have moved to a Clydesdale offset mortgage. This is the first one I've found that is available for Buy to Let. I'm planning to build up an emergency fund for fixing the boler and redecoration so an offset is ideal.

nrsql

You need to compare the interest you will save on holding the funds in the account against the rate you could get with other mortgages and taxed interest on the savings.

It usually takes quite a lot of savings for an offset to be prfitable but depends on the rates.

deepee_2

At what rate and charges did you get this. Is it Fixed, discounted, variable?

JoBridger

Thanks for the ocmments and advice.

The rate is .75% over base for the term of the loan with no repayment penalties. This rate was as good as I could find anywhere so the offset bit is just a bonus.

I don't expect I will build up large amounts of savings (especially as the interest on the loan is tax deductible) but it will be handy to hold some gunds there in case I am tennantless for a while or have other property related bills.