Found 12th Jun 2010
hi folks just wondered my fixed rate mortgage is up and currently searching for a new deal ive come across this one account were you have all your money paid in to the account and all your money gets used to decrease your interest i have 14 years left and they reckon i could pay it of in 9-10 years, what id like to know is ,is there anyone who has one of these if so whats your exsperience with it

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You can pay it off sooner by overpaying any mortgage anyway. Offset mortgages are ok if you have a decent amount in your savings but as the rates are generally higher than standard fixed rate mortgages you dont really gain. You need to do your sums and check the APR.

Personally I'd go for a fixed rate mortgage, there are some good deals around at the moment. I'm with the Nationwide as they are generally pretty competitve and allow you to pay up to £500 extra each month, that way the mortgage balance goes down very quickly.
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