Originally posted by northernladuk
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Offset Mortgage - First Direct
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Originally posted by doconline View PostHi all,
I just wondered if anyone had an offset mortgage with First Direct? I called them but didn't get through to the mortgage department, but was told they wouldn't accept dividends as income, so I would not be eligible for one. Anyone else managed to get one with them? IF not, but you have one with a different provider, who did you get one through?
Thanks in advance.
Speak to Freelancer Financials
Ask them to look at Coventry Building Society for you
Depending on your circumstances, aim for something like an OFFSET 5-year fix. Coventry's rates are competitive : 2.19% for 5 year offset fixed up to 75% LTV.
If you can do 50% LTV then it's 1.99% for the same loan conditions.Comment
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Weird FD were happy to give me an agreement in principal but maybe because I'm an exsisting customer. From memory they calculated it from my profit plus the wife's income by their multiplier.
i actually decided to go replayment for various reasons via Stuart @CMME 1.69% fixed for 5 their fee was a little high but the paper work I did with them took weeks to sort out because of a BTL and a couple of other financial bits.
We've been on a FD offset for 9 years and it worked really well for us but you need financially to plan which the government doesn't think we are all capable of anymore. We would have paid it all of next year if we hadn't jumped back in.
Banks have really tightened up the paperwork required was crazy and the stress testing wS interesting but I think it's actually a good thing. last year I probably could have borrowed another £100k+Comment
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Offset Mortgage - First Direct
Originally posted by poorautojobber View PostWeird FD were happy to give me an agreement in principal but maybe because I'm an exsisting customer. From memory they calculated it from my profit plus the wife's income by their multiplier.
Originally posted by doconline View Post... was told they wouldn't accept dividends as income...…Maybe we ain’t that young anymoreComment
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Thanks all. Were just coming to the end of our deal with nationwide and I had a look at different offsets and First Direct seemed to have the best rates for offsets. I've moved onto a tracker for the time being as it doesn't have any redemption penalties. Will speak to one of the brokers mentioned in the new year.
Cheers all for your input.Comment
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I am looking to remortgage as well and the best deal I can find is Santander 5yr fixed at 1.79% with no arrangement fee.
If you have a big mortgage there are better deals with arrangement fees, but mine is c. £50k so arrangement fees really hurt.
IMO Offsets are terrible deals as you cannot get a decent interest rate. Flexible mortgages that allow overpayments offer the advantages of offsets but with better rates. For what it's worth.See You Next TuesdayComment
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Originally posted by Lance View PostI am looking to remortgage as well and the best deal I can find is Santander 5yr fixed at 1.79% with no arrangement fee.
If you have a big mortgage there are better deals with arrangement fees, but mine is c. £50k so arrangement fees really hurt.
IMO Offsets are terrible deals as you cannot get a decent interest rate. Flexible mortgages that allow overpayments offer the advantages of offsets but with better rates. For what it's worth.merely at clientco for the entertainmentComment
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Seems like you've got it sorted, but just to mention, we had an offset mortgage with FD, back in the day [WWHAM]. I was an existing customer when I was a perm, but I then switched to contracting later & kept the offset mortgage - no hassle. The FD offset provided a great deal of flexibility; I could draw down money if/when ever needed, plus I could keep paying off lump sums as and when I felt able. Also found out I could have taken mortgage payment holidays too. All academic now as you've solved your problem.Clarity is everythingComment
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Accord/Yorkshire Building Society also offer Offset options, u can use the facility to either reduce the Term, reduce your current monthly payments or reduce your payments each annual anniversary.
Rates from 1.64% on a 2 year fixed rate.Comment
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