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The one account mortage shrinker
youknowwho
Posts: 259 Forumite
Has anyone got one of these?
It seems a good idea on the face of it, but there is always a negative!
I have heard that its your current account and mortgage linked into one, and when you withdraw money from your current account, you see that you are like 200k in debt, but when your wages come in your not so much in debt...
Its seems a little confusing, any ideas?
It seems a good idea on the face of it, but there is always a negative!
I have heard that its your current account and mortgage linked into one, and when you withdraw money from your current account, you see that you are like 200k in debt, but when your wages come in your not so much in debt...
Its seems a little confusing, any ideas?
Halifax CC [STRIKE]£1322.88[/STRIKE] £0 :j 11.9% Virgin CC [STRIKE]£1534.76[/STRIKE] £1384.76 0% until AUG 13. Grant over payment [STRIKE]£166.66[/STRIKE] £0 :j DFD 31 JUL 13 #102 :beer:
Weight[STRIKE] 164lbs[/STRIKE] :mad: 05 May 164lbs
Target 146lbs by 30 JUN 13
Happiness is a way of life not a destination.:j
Weight[STRIKE] 164lbs[/STRIKE] :mad: 05 May 164lbs
Target 146lbs by 30 JUN 13Happiness is a way of life not a destination.:j
0
Comments
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Interest rates are key.
Mortgage shrinker software is designed to make you think you will save money. In truth, the interest rates are higher than simple off-set mortgages and an off-set would shrink your mortgage quicker even without the current account. At the moment, you can invest at higher rates than borrowing so even off-sets need to be looked now and then at to see if the money can earn more elsewhere. For example, I have a good percentage of my mortgage off-set at 5.99%. I haven't used this year's ISA allowances yet so will be transferring £6K to two Barclays ISAs at 6.5% next week and a further £7,200 after 6th April. The rest will stay in the off-set until my sale completes then I'll be looking for new homes for my savings.
GGThere are 10 types of people in this world. Those who understand binary and those that don't.0
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