Best offset / fully flex mortgage ??

Smitty

I have just been approved for a 5 yr flexible tracker mortgage. (Im remortgaging). It tracks the BOE base rate plus 0.55% for the next 5 year. So it's 5.05% currently. You have an over payment fund, which immediately offsets your loan amount, and the interest is charged on a daily basis. It is the best offset/flexi mortgage I could find and I was a bit surprised not to find any comments on this board about it. Comments anyone? Before I sign up to it?

(Ive done all calcs for normal vs offset mortgage and it was worth me having an offset mortgage)

Hobo_2

Something to compare maybe?

http://www.ybs.co.uk/mortgages/current_products/offset_accounts.jsp

herbiesjp

Figures are important when looking at comparisons.

What is the property value?
Wat is the mortgage needed?

Smitty

That looks good too Yobo (slightly better infact at first glance )

80k mortgage on 210k house

bbruce

Smitty, you didn't say who you went to.
I'm considering Abbey's one with the £499 charge.
What's the best you've found so far?

johna999

I'm a FTB and will be taking an offset when I find a place.

I got details about 6 wks ago and I was only realy interested in the term tracker offsets as the variable they put you on after the 2 or 5 yrs is terrible, the best were...

Northern rock - BOE BR + 0.44%, it was £695 arrangement fees some admin fees but they gave you a grand towards your costs. They also did another life time tracker without arrangement feeb but the + exchange rate was more. Also they offset both your savings and current acct

Abbey - either BOE BR + 0.49 or 0.5. for term The latter cost less to set up and hence was cheaper. BUT, they only offset uyour savings not your current acct

Then there are quite a few of BOE BR + 0.74 for term ie IF


The guide to offsets on here is quite damming in terms of interest rate, but i feel it is out of date. The term trackers seem very competitive.

BFJ

I am an existing customer with Newcastle Building Society, current fixed rate ending 31st October. Spoke to them today and I have transferred to their Offset Base Rate Tracker, which is 0.5% above BOE base rate for term.

It has no ERC or completion fee. I do not know about any other fees, as I was only concerned about a completion fee. As this has none I can transfer at no charge.

It was introduced yesterday (06/10), and is not on their website to date.

Seems a pretty good deal to me.