Ok I am well confused,We have an offset mortgage with 8 years left to run,we originally borrowed £66k which is now down to £62K as we have been overpaying,as well as offsetting,it is at 3% and the interest has been £166.06 since it went to 3% in 2009.I keep getting letters saying we have saved £400 odd by off setting,where is this going,as it hasn't come off the balance,and how come every year the interest amount is the same,when the balance of the account is going down?
Not sure if it's worth changing the mortgage,and starting again elsewhere,also is it really worth offsetting when we only have £3k in savings,in fact I am sure that this mortgage wasn't right for us in the first place.
Not sure if it's worth changing the mortgage,and starting again elsewhere,also is it really worth offsetting when we only have £3k in savings,in fact I am sure that this mortgage wasn't right for us in the first place.