Offset mortgage problems

consumers_revenge

Hi,

I am looking round to get a better remortgage ( I own 55%-60% ) and was getting quite excited about moving to the one account.

My problem is that I own an ex council house and since I made initial enquires they no longer seem to want to take them ( this was about 18 months ago ). Has anyone had a one account which was used to buy an ex council house? or anyone know which building societys provide an offset mortgage for these?

Any help would be very welcome as Im getting screwed by my current building society.

Cheers

CR

taxi73

have you tried Abbey and natwest

consumers_revenge

Off to see the man from natwest today but there both owned by RBS as far as I know so may hit the same problem!

Although they also own my current BS so it might work for me

jamesd

consumers_revenge, why does a One Account mortgage look like something other than a rip-off to you? A mortgage that starts at SVR and stays there all the time isn't the sort of deal I aspire to. Maybe you're looking at the misleading interest saved numbers instead of the more useful total cost number? Interest saved makes more expensive mortgages look bettter, the higher the interest rate, the better it makes them look, even though the higher interest rate makes them more expensive.

consumers_revenge

actually took your advice and had a look around and fancied the britannia offset mortgage, easy and cheaper BUT again because its ex council ( a cornish unit to be exact which has been bricked up ) they said no. Does anyone else on this board have and ex council property? who are they mortgaged with please?

Getting a bit hacked off with seeing good deals and then BS turning me down. Would a broker ( never really knew/know what they do ) know who would lend on these?

Cheers

silvercar

Natwest don't have any problem with ex-council houses, nor do coventry BS. Both offer offset mortgages.

consumers_revenge

thanks for the reply

Natwest seems to have a 99% indentical form for using there mortgage shrinker and there both owned by RBS. So wondering if they have the same problems.

Oh well mr natwest expect a visit on monday!

Cheers

If anyone know anymore please let me know just in case.

jamesd

By Cornish you mean the dodgy concrete? If so, that'll probably limit the range of lenders who'll consider it, depending on what the reports say and what remedial work has been done.

Regardless, time to head to a mortgage broker to do the leg work for you.

dimbo61

try first direct 4.99% fixed offset 5 year deal or give the YBS a call
dont know the ex-council thing but you have lots of equity so fingers
crossed GOOD LUCK

consumers_revenge

dodgy!?

I have my PRC to say its fixed! but nationwaide seem to want to mortgage it. FINGERS CROSSED as its a very good rate and £150 cashback too.

jamesd

If it's fixed, that beats the alternative! Glad that Nationwide are going for it.