Any mortgage advisors - offset mortgages

[bennno]

We got almost as much in savings as we have mortgage remaining, but ideally I’d like to keep the savings accessible for the 4 years I have until planned retirement. Don’t really want to pay of the mortgage balance as I’d like to keep funds in place as an alternative to working and my tax free pension element will clear mortgage.

Given the savings tax changes and ongoing higher interest rates - has anybody explored offset mortgages recently? Any advice or guidance.

[Sarnie]

The main advice is to ensure you fully utilise the Offset facility if you take one, rates are significantly higher than standard mortgage rates these days, probably circa 0.50% more. So if you don't utilise the Offset facility you are left with a very expensive mortgage.

Most lenders pullled out of the Offset market when rates were so low as demand dried up. There are a small number of providers these days but popularity is increasing again as some clients do not want to pay the new higher rates nor do they want to commit the funds to clearing the mortgage.

[bennno]

Sarnie said:

The main advice is to ensure you fully utilise the Offset facility if you take one, rates are significantly higher than standard mortgage rates these days, probably circa 0.50% more. So if you don't utilise the Offset facility you are left with a very expensive mortgage.

Most lenders pullled out of the Offset market when rates were so low as demand dried up. There are a small number of providers these days but popularity is increasing again as some clients do not want to pay the new higher rates nor do they want to commit the funds to clearing the mortgage.

Thank you, I’ll try to dm you or could you dm me please?

[Sarnie]

bennno said:

Thank you, I ll try to dm you or could you dm me please?

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