Tuesday, Jun 26, 2007
Move over MEWers - here come the OFFSETTERS!!
BBC: Offset home loan numbers 'surge'
Last year, 170,000 offset mortgages, worth nearly £30bn, were taken out, a 49% increase over the past year.
Posted by nearly30 @ 09:51 PM (221 views) Add Comment
4 Comments
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1. nearly30 said...
IMHO Can't say they are all that great - who has 10K in savings in their current account anyway?
And the rates are 7% - hardly as comparable as the fixed rates of 4 & 5% in the past!
2. Fastlogie said...
I disagree nearly30, I took a fixed rate offset mortgage out in Jan 2005 at 5.69% for 3 years. Sure you could have got a slightly better rate but there was no fee + free valuation and the flexibility is great. I have already saved years off the term and when the fixed rate expires it reverts to just BOEBR + 0.75% for the rest of the term so I don't get ripped off paying the SVR so there's really not a great need to remortgage ever again (unless I move which I won't do at the current house prices!)
3. Airey said...
Lennar are one of the worst US-based builders. They have the catchphrase ,"Everythings included" which basically means that they will fill your kitchen up with the cheapest appliances going then charge you a load more money than an empty house, filled by yourself would.
Their estates were probably designed by someone playing pin the tail on the donkey i.e. houses randomly splattered across stripped pieces of terrain.
Horrid. Not surprised their number are so awful.
4. Lifes2short4shit said...
Maybe 7% now but I got an offset mortgage at 5.29% fixed for 5 years last november..........at the time that was lower than alot of standard fixed rate.
Do your homework properly nearly30 you will find you dont need 10K, just use credit cards and manage your money wisely and they work fanasticly.