Do Offset/Flexible/Current Account Mortges no longer exist?

IAMIAM

Where the rates are comparible to standard mortgages and allow either a savings account to negate the interest so you can withdraw when you want, or similar by overpayments and underpayments/withdraw money as and when you want up to your limit.

housebuyer143

IAMIAM said:

Where the rates are comparible to standard mortgages and allow either a savings account to negate the interest so you can withdraw when you want, or similar by overpayments and underpayments/withdraw money as and when you want up to your limit.

Yes they exist. I just signed up to my new offset last month. They are few and far between though. They are normally priced 0.3% or something like that higher.

I'm with YBS 

tetrarch

Barclays allow you to offset with an ISA. 

This can work really well for retirement planning to convert your TFL straight into ISA-protection if you do it right

Regards

Tet

IAMIAM

housebuyer143 said:

IAMIAM said:

Where the rates are comparible to standard mortgages and allow either a savings account to negate the interest so you can withdraw when you want, or similar by overpayments and underpayments/withdraw money as and when you want up to your limit.

Yes they exist. I just signed up to my new offset last month. They are few and far between though. They are normally priced 0.3% or something like that higher.

I'm with YBS 

Can you withdraw again

IAMIAM

tetrarch said:

Barclays allow you to offset with an ISA. 

This can work really well for retirement planning to convert your TFL straight into ISA-protection if you do it right

Regards

Tet

Interesting. What rates for the mortgage though?

Just checked actually, 5.75% plus 1750 fee. Not worth it!

housebuyer143

IAMIAM said:

housebuyer143 said:

IAMIAM said:

Where the rates are comparible to standard mortgages and allow either a savings account to negate the interest so you can withdraw when you want, or similar by overpayments and underpayments/withdraw money as and when you want up to your limit.

Yes they exist. I just signed up to my new offset last month. They are few and far between though. They are normally priced 0.3% or something like that higher.

I'm with YBS 

Can you withdraw again

Yes, you have up to 3 savings accounts and you can withdraw and add whenever, it's instant access. I'm doing it because I'm sick of rate chasing on the savings and because of the tax benefits. I am close to fully offset though, so it makes sense. I'm not sure if it's worth it if you don't have much in the way of savings.

The normal 2yr rate is 4.68% and the offset is 4.98% with no fees. 

IAMIAM

Looking at 187k mortgage with 250k value and 30k savings

amnblog

If you are considering an Offset mortgage, get yourself some advice from an Independent mortgage broker.