Time to redeem my wonderful FD offset mortgage
Posted: February 15th, 2023, 9:17 am
I can’t remember exactly when my First Direct offset mortgage became fully offset but it has to be 13 years ago, 15 maybe. I took it out about 20 years ago after reading about these wonderful products on the motley fool, I was earning good money at the time and I threw every penny at the savings part of the account plus the 0% cash I was stoozing from credit card companies, I was astonished that in only a few years it was fully offset, in all that time First Direct have earned not one penny of interest out of me. I was surprised when they agreed to let me transfer it over when I moved house in 2013 but they did. What a great bank.
I could have paid off the mortgage with the money in the linked savings account at any point but thought I might as well just leave it where it is in case I ever needed it for some property related venture such as a holiday home or something, but I never have. If I was ever going to do that it would have been during the 0% interest years and they’re gone now. It’s still got a few years to run but I’ve decided to redeem a few years early, one less account, one less lot of statements.
It was one of the best bits of advice I ever took. Thanks Motley Fool.
I could have paid off the mortgage with the money in the linked savings account at any point but thought I might as well just leave it where it is in case I ever needed it for some property related venture such as a holiday home or something, but I never have. If I was ever going to do that it would have been during the 0% interest years and they’re gone now. It’s still got a few years to run but I’ve decided to redeem a few years early, one less account, one less lot of statements.
It was one of the best bits of advice I ever took. Thanks Motley Fool.