Thinking about changing my mortgage

Jimster_s_2

Hi

I currently have a mortgage with the OneAccount and if you dont already know this is an all in one account linked with my current account. I have also stoozed my credit cards and put this money into the account offsetting the interest on my mortgage

Im paying 6.9% on my mortgage. the reason i went with this type of mortgage is so that i can overpay my mortgage but still have it there available to take out if i need it. my full wage each month goes in there and i only take out what i need each month and the rest stays in there offsetting some interest. i like this idea and if needed i can have instant access to the money/

There are no fees for moving it away from the one account, but there is a one off £75 admin fee to close the account.

Now im thinking 6.9% is high. Whats the best option for me? i dont have to have an all in one type mortgage where my mortgage is linked to my current account. I do want these features though:

1. Lowest interest rate i can get (obviously).
2. The ability to put my savings and extra money onto the mortgage but not permanently, i must be able to have access to the extra money i put on it. This will reduce the amount of interest I pay per month and I can also use the money if I need to.
3. I don’t want any charges or penalties at all if I change my mortgage provider in the future or especially if I sell the house. There is the possibility that I could sell the house within the next few years so I don’t want to pay either an early settlement fee or a percentage of the profit made on the house (There is already quite a big profit on the value against the mortgage cost)

Incase it matters, the house is worth more than the mortgage I have on it.

Looking forward to any replies…

Joe_Bloggs

@Jimster_S
I think you have been sold the offset line and swallowed the hook and sinker.
There should be offsets just over 5% given the latest interest rate fall. There was an Intelligent finance offset mortgage at 5.29% tracking BoE for three years just before the 0.25% fall. You only mentioned 6.9% and £75. How could anyone consider your best option other than to say research the topic yourself. It can be educational and fun.
J_B.