Originally posted by MarillionFan
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Thanks for the help there. 
. My brain is fried, been at is since 8am and trying to pull an all nighter on a really complex data model so not really focussed outside that at the moment, but that is my point.
I was lucky, I took an offset at 6% about 7/8 years ago and kept it when I moved. I had equity and another BTL property which I sold. When I moved I bought a place for £500k. I had £250k at the time, but only put down £75k, keeping the remaining £175k in the offset. Since then the interest rate has dropped and I've managed to move the equity into accounts/investments paying 5%(after tax/or tax free). So I still have a £425k mortgage at 1%, the house has gone up somewhat and I have £350k invested.
To your point about locked interest, you are of course 100% correct. But those interest rates are going to have to rise some before I'm fooked & when they do, I can take a penalty on the interest and still be ahead.
I will always recommend an offset to those who know how to use a spreadsheet :-)
. My brain is fried, been at is since 8am and trying to pull an all nighter on a really complex data model so not really focussed outside that at the moment, but that is my point.I was lucky, I took an offset at 6% about 7/8 years ago and kept it when I moved. I had equity and another BTL property which I sold. When I moved I bought a place for £500k. I had £250k at the time, but only put down £75k, keeping the remaining £175k in the offset. Since then the interest rate has dropped and I've managed to move the equity into accounts/investments paying 5%(after tax/or tax free). So I still have a £425k mortgage at 1%, the house has gone up somewhat and I have £350k invested.
To your point about locked interest, you are of course 100% correct. But those interest rates are going to have to rise some before I'm fooked & when they do, I can take a penalty on the interest and still be ahead.
I will always recommend an offset to those who know how to use a spreadsheet :-)
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