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Best offset / fully flex mortgage ??

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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)

Comments

  • herbiesjp
    herbiesjp Posts: 8,499 Forumite
    Figures are important when looking at comparisons.

    What is the property value?
    Wat is the mortgage needed?
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • Smitty
    Smitty Posts: 341 Forumite
    Part of the Furniture Combo Breaker
    That looks good too Yobo (slightly better infact at first glance :()

    80k mortgage on 210k house
  • bbruce
    bbruce Posts: 369 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    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?

    Learn from the mistakes of others - you won't live long enough to make them all yourself.
  • johna999
    johna999 Posts: 67 Forumite
    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
    BFJ Posts: 74 Forumite
    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.
    Waddle you do eh?
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