Offset Mortgages

Money, investing, mutuals etc
planteria
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Offset Mortgages

Post by planteria » Sun Dec 29 2024 1:18am

are there any recommendations re Offset Mortgages in the market?
are there any Offset Mortgages available from Building Societies?

pabenny
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Re: Offset Mortgages

Post by pabenny » Sun Dec 29 2024 9:15am

My offset with first direct is near to full term. No idea whether they still offer them.

An offset mortgage always seemed to me a great idea but the market didn't seem to agree. You may have to trawl the internet (or go to a broker) to find who still offers them.

planteria
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Re: Offset Mortgages

Post by planteria » Sun Dec 29 2024 9:22am

agreed pab. the Current Account Mortgage was a further step better still, but they weren’t around for long.


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Re: Offset Mortgages

Post by planteria » Sun Dec 29 2024 4:04pm

thank you.. I didn’t realise that Yorkshire are offering them. that’s a decent shout for me as there is a branch i can access easily to deposit cash etc. Barclays no good for me. CTM not sure i was comparing Offset Mortgages. not sure whether Coventry, Leeds, Nationwide or West Bromwich offer Offset Mortgages 🤔

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Re: Offset Mortgages

Post by pabenny » Sun Dec 29 2024 4:54pm

Coventry certainly have an article on their website; don't know they actually offer them.

Don't really agree with you about current account mortgage. I think it's better to keep the balances separate, although i's really just about how balances are presented.
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planteria
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Re: Offset Mortgages

Post by planteria » Sun Dec 29 2024 6:50pm

i just think that the concept of every last penny of cash offsetting the debt is so clean and efficient, but i never got to having a current account mortgage in place.

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Re: Offset Mortgages

Post by parchedpeas » Sun Dec 29 2024 10:56pm

I'm doing this with me next renewal: current mortgage with Accord and it is due up end April 2025.

My tactic is to take their 5-year offset (4.8%). They open the joining "savings" offset account with YBS (so I imagine the YBS account works same ways) and this is where I'll store every spare penny.

I'll then be using Credit Card Balance transfers to fill up the offset account as full as possible, and then drawing down from it when these payments / full balance fall due.

Other thing I'll be doing is using this offset account and filling up ISA allowances (through a flexible ISA, like Chip) on 4th April, and then emptying them again on 6th April. This will keep my full allowances where possible, but mean that I'm not tied to the rubbish ISA rates that have started to appear.
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Re: Offset Mortgages

Post by planteria » Mon Dec 30 2024 1:33am

sounds great pp, although an ISA allowance can be a great vehicle for long-term investment.
my cash savings/stoozing never interfere with my investment wrappers.

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