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bykergrove Avatar
banned6y, 9m agoPosted 6 years, 9 months ago
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bykergrove Avatar
banned6y, 9m agoPosted 6 years, 9 months ago
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banned#1
I have an offset mortgage.

It is ok.
banned 1 Like #2
bykergrove
saves you much? do you keep much savings in there?


I have a small amount of savings but I am living off them at the moment because I am out of work :-(

I have had the offset mortgage about 3 years and I think I have saved a little bit.
banned#3
bykergrove
sweet repped for info. hope you find a job soon!

i need to find a house i actually want to live in


Mortgages and houses can be a nightmare.
#4
An offset is only good if the rate is as good as you would get elsewhere. If the rate is even a little higher you'll find you're paying more in extra interest on the hundred thousand pound mortgage than the difference between your savings would earn you in an ISA and the amount the mortgage charges (unless you have a hundred thousand pounds in savings, in which case you're unlikely to need the mortgage!)
#5
I had a One Account mortgage, but switched when they stopped passing on the interest rate cuts over the last 2 years. There is a lot of debate about them on MSE, people seemed happier when they were the Virgin One Account.

As a resuly of being with them, I did however get a switch to a 5 year fixed 3.99% deal with the RBS (who own the One Account now) for a £99 fee. Which I think is a corking deal.

Over the 12 months I was with the One Account I did overpay as much as i could, and the flexible nature meant I did save interest charges by overpaying. So if you have a decent amount of savings, and good earnings that allow you to overpay they make sense, otherwise, better deals elsewhere.
#6
bykergrove;7874756
dont the savings in the one account work out to be tax free though so aslong as the interest rate on the mortgage minus the extra interest compared to other mortgages is higher than the rate of the isa then you will be making a gain. also, isa is limited to £3600 a year (going up to 5200) i'd like to overpay buy about 20% a year. i plan to pay my mortgage off in 4 years of getting it


Wow, you plan to pay off the mortgage in 4 years? What house price/mortgage are we talking about?
#7
byker earnz big billz
1 Like #8
No probs :) Mines a nickname, I'm actually a righty!
#9
bykergrove
thanks nice advice. i'm a lefty too ;-)


lefty is a liar

lol

im a lefty brap pap pap
#10
[COLOR="Red"]You seem to be doing well for yourself, Byker.

How many P's are you earning these days?[/COLOR]
#11
numptyj
lefty is a liar

lol

im a lefty brap pap pap


You've been drinking no?:whistling:
#12
bykergrove
lol sick man join the club. to be fair though i do most things both handed apart from write. i actually box with a right handed stance (i forgot to tell the instructor i was left handed!!) so i have a really strong left hook that catches people i spar with unawares. i'm right footed too :p


i'm doing good man. enough to keep me happy. just want to pick up a house now... so i dont blow my savings on crap! :lol:


i started out playing golf right handed cos they were the only clubs we had floating around LOL

but I play left handed now pretty much everything is left, my right is so spaz lol
#13
bykergrove


i'm doing good man. enough to keep me happy. just want to pick up a house now... so i dont blow my savings on crap! :lol:


[COLOR="Red"]Nice one, G.

I'm also in the market for a house but don't have time too look around ATM. :-([/COLOR]
banned#14
I have saved £162.35 since 01/12/06

My interest rate is 3.75% at 1st March 2010

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