Offset Mortgage

[valluvan]

First time buyer here with 3 years accounts and requiring 75%LTV Mortage.

Looking to get an offset mortgage as I am told it suits contractors,however First Direct won't give the amount i need as it is over their lending criteria.

What are the other good offset mortgage lenders.
I am starting to lean towards offset with fixed rates for 3/5 years.

Woolwich does some but the interest rates are high.

Any suggestions anyone?

[minestrone]

We have one with George Osbourne, sorry Northen Rock.

I think we got 5.1 or something over 5 years fixed and put down 40%. Probably wrong now but it might work out well for us in the next few years.

[The_Equalizer]

Without trying to be a smart arse, how about buying a small place or waiting until you can get the daily rate to match the loan you want?

[minestrone]

Without trying to be a smart arse, how about buying a small place or waiting until you can get the daily rate to match the loan you want?

If I have read the OP's post correctly he is stumping up 25%. Hardly someone who lacks commitment to the loan.

[Moscow Mule]

If I have read the OP's post correctly he is stumping up 25%. Hardly someone who lacks commitment to the loan.

If you want an offset, you need about 60% LTV to get anything worthwhile.

[ratewhore]

First time buyer here with 3 years accounts and requiring 75%LTV Mortage.

Looking to get an offset mortgage as I am told it suits contractors,however First Direct won't give the amount i need as it is over their lending criteria.

What are the other good offset mortgage lenders.
I am starting to lean towards offset with fixed rates for 3/5 years.

Woolwich does some but the interest rates are high.

Any suggestions anyone?

I was initially over the criteria with FD. I bit the bullet and increased my divvy to make the 70% LTV, because I wanted that rate.

Now I've got the offset, I've reduced my interest payment by over 50%, so I would say, if you can find the extra cash, do so...

[minestrone]

If you want an offset, you need about 60% LTV to get anything worthwhile.

True, that is what we were in for and that was the cut that made the difference.

[valluvan]

If you want an offset, you need about 60% LTV to get anything worthwhile.

Thanks MM.Is my choice of offset/fixed a sensible one rather than a offset/Tracker.

My IFA recommeneded an offset mortgage through someone called accord mortgages,not sure abt them as never heard of them before!

[The_Equalizer]

If I have read the OP's post correctly he is stumping up 25%. Hardly someone who lacks commitment to the loan.

I don't doubt that, but say I inherited £100K and I was on £25K a year. If I was looking to buy a house of £250K I still would only be asking a LTV of 60%, but I wouldn't have a hope of getting a mortgage of £150K on £25k/year and for good reason. Bottom line is I hate the thought of people overstretching themselves.

[Netraider]

Thanks MM.Is my choice of offset/fixed a sensible one rather than a offset/Tracker.

My IFA recommeneded an offset mortgage through someone called accord mortgages,not sure abt them as never heard of them before!

I have a fixed rate mortage through accord. Easy to deal with.