10 year fixed offset mortgages - is there only one?
Discussion
Thinking of getting a 10 year fix @ 4.09% with www.ybs.co.uk , with an offsetting facility (bargain barge acquisition fund :-). For that length of time I can't see a better rate with these sort of facilities.
Is there any similar mortgages I should be looking at? Or a particular problem with Yorkshire Building Society, especially regarding portability or renting our house out, i.e. should we need to relocate - not expecting to move but anything can happen.
Is there any similar mortgages I should be looking at? Or a particular problem with Yorkshire Building Society, especially regarding portability or renting our house out, i.e. should we need to relocate - not expecting to move but anything can happen.
I don't know if they offer a 10yr fix, but I'm just remortgaging with Woolwich and unexpectedly received details of a linked current account I can use for offsetting. I didn't ask for or particularly want an offset mortgage, and didn't see it in the details, so if you find a normal product offered by Woolwich suits you otherwise, it may well come with an offset facility as a bonus.
I see a 10 year fix with woolwich here: http://www.money.co.uk/mortgages/10-year-fixed-rat... but not sure of the full details, the rate after the fix is competitive too compared to the Yorkshire building society. Do like the idea of family linked account for offsetting purposes that you get with YBS, if available with Woolwich I'd be up for that.
Anyone know the status of this Woolwich offer regarding whether it has off-setting or not? Have had a 1% offset tracker before with Woolwich, unfortunately they didn't want to extend this last time we had to change.
Anyone know the status of this Woolwich offer regarding whether it has off-setting or not? Have had a 1% offset tracker before with Woolwich, unfortunately they didn't want to extend this last time we had to change.
thepeoplespal said:
I see a 10 year fix with woolwich here: http://www.money.co.uk/mortgages/10-year-fixed-rat... but not sure of the full details, the rate after the fix is competitive too compared to the Yorkshire building society. Do like the idea of family linked account for offsetting purposes that you get with YBS, if available with Woolwich I'd be up for that.
Anyone know the status of this Woolwich offer regarding whether it has off-setting or not? Have had a 1% offset tracker before with Woolwich, unfortunately they didn't want to extend this last time we had to change.
The Woolwich product isn't an Offset mortgage, the nearest they have to what you are looking for is a Lifetime Tracker Offset product which is Base rate +2.69%.Anyone know the status of this Woolwich offer regarding whether it has off-setting or not? Have had a 1% offset tracker before with Woolwich, unfortunately they didn't want to extend this last time we had to change.
Sarnie said:
The Woolwich product isn't an Offset mortgage, the nearest they have to what you are looking for is a Lifetime Tracker Offset product which is Base rate +2.69%.
My Woolwich mortgage wasn't sold to me as an offset either, my IFA didn't mention the offset facility, but I received a letter a week or so after the mortgage offer with details of the linked current account I can use for offsetting if I want to. Which makes me wonder if they include it as standard now?Jobbo said:
My Woolwich mortgage wasn't sold to me as an offset either, my IFA didn't mention the offset facility, but I received a letter a week or so after the mortgage offer with details of the linked current account I can use for offsetting if I want to. Which makes me wonder if they include it as standard now?
If your mortgage wasn't an Offset at the outset, it's not now. You can't Offset your mortgage with funds in the current account that gets opened with all Openplan mortgages.The above is from the Woolwich BDm this morning.
Sarnie said:
If your mortgage wasn't an Offset at the outset, it's not now. You can't Offset your mortgage with funds in the current account that gets opened with all Openplan mortgages.
The above is from the Woolwich BDm this morning.
The covering letter definitely stated something about offsetting with funds in that account - I don't have the paperwork in front of me so I'll have to check it again. It wasn't one of my requirements so I hadn't looked at it closely. Woolwich/Barclays' own info states that they no longer automatically offer the old mortgage reserve account so it presumably isn't that.The above is from the Woolwich BDm this morning.
Edited by Jobbo on Friday 17th January 09:59
Jobbo said:
The covering letter definitely stated something about offsetting with funds in that account - I don't have the paperwork in front of me so I'll have to check it again. It wasn't one of my requirements so I hadn't looked at it closely.
Woolwich have specific Offset products (which are priced accordingly compared to standard products) so it wouldn't make any sense for them to add Offset facilities to standard products.I agree entirely - and I am going for a fixed rate which only allows me to pay only 10% off the balance without penalty each year, so having an offset account into which I could put the entire mortgage balance would also not make sense.
Can't give you any better response until I have the paperwork to hand. Unless you have access to the stuff they send out to customers and can link it?
Can't give you any better response until I have the paperwork to hand. Unless you have access to the stuff they send out to customers and can link it?
Jobbo said:
I agree entirely - and I am going for a fixed rate which only allows me to pay only 10% off the balance without penalty each year, so having an offset account into which I could put the entire mortgage balance would also not make sense.
Can't give you any better response until I have the paperwork to hand. Unless you have access to the stuff they send out to customers and can link it?
I don't I'm afraid.Can't give you any better response until I have the paperwork to hand. Unless you have access to the stuff they send out to customers and can link it?
- don't worry, I'll update this when I look at the paperwork over the weekend. Even if I'm wrong.I said I'd update this when I found my letter from Barclays. It states 'Your mortgage comes with a Mortgage Current Account and we have now automatically opened one for you' and there is a paragraph which states 'If you decide to use this Mortgage Current Account for your Offset facility, you will receive a monthly statement when there has been activity on the account.'
The booklet of terms and conditions which accompanied the letter doesn't contain anything relevant to this. I initially read it as offering the account as an offset facility. It probably doesn't, because that would be illogical for all the reasons mentioned above, but I do think it's worded in an ambiguous way.
The booklet of terms and conditions which accompanied the letter doesn't contain anything relevant to this. I initially read it as offering the account as an offset facility. It probably doesn't, because that would be illogical for all the reasons mentioned above, but I do think it's worded in an ambiguous way.
Personally I'm not going to risk it, on the of chance, as Woolwich will likely pull it when things get tough. Anyone experience of YBS and any potential prolems with them and their accounts - I.e. reneging on deals or terms and conditions.
I was originally expecting this to be like a current account, but looks like it is a savings (multiple) account with a debit card tacked on.
I was originally expecting this to be like a current account, but looks like it is a savings (multiple) account with a debit card tacked on.
Jobbo said:
I said I'd update this when I found my letter from Barclays. It states 'Your mortgage comes with a Mortgage Current Account and we have now automatically opened one for you' and there is a paragraph which states 'If you decide to use this Mortgage Current Account for your Offset facility, you will receive a monthly statement when there has been activity on the account.'
The booklet of terms and conditions which accompanied the letter doesn't contain anything relevant to this. I initially read it as offering the account as an offset facility. It probably doesn't, because that would be illogical for all the reasons mentioned above, but I do think it's worded in an ambiguous way.
Unfortunately, that's typical of generic literature lenders send out to cover all their products. If you didn't take an Offset mortgage then there would be no facility to link to your Mortgage Current Account.The booklet of terms and conditions which accompanied the letter doesn't contain anything relevant to this. I initially read it as offering the account as an offset facility. It probably doesn't, because that would be illogical for all the reasons mentioned above, but I do think it's worded in an ambiguous way.
I certainly wouldn't risk it based on my letter.
Sarnie, it may be a standard letter but it would really not be beyond their wit to have two or three different standard letters; omitting reference to an offset when I don't have that deal would be very easy. The way it is written (Offset is capitalised, so presumably a defined term - yet there is no definition anywhere) is most definitely ambiguous.
Sarnie, it may be a standard letter but it would really not be beyond their wit to have two or three different standard letters; omitting reference to an offset when I don't have that deal would be very easy. The way it is written (Offset is capitalised, so presumably a defined term - yet there is no definition anywhere) is most definitely ambiguous.
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