Hammer
Member
Registered: 11th Feb 04
User status: Offline
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I am no more help than you are as I am not a mortgage advisor 
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Rob B
Member
Registered: 8th Jan 04
Location: Area Motorsport Drives: Race EP3
User status: Offline
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quote:
Originally posted by Paul_J
I'm sorry Hammer, that I was trying to give some constructive advice to my friend Rob B.
I think by the size of my essay, it's quite clear I was typing fast / rambling, but thankfully you and Aaron were here to point out the mistake so Rob wasn't confused any further.
At least Rob can get some useful advice from your replies to his question ... oh wait.
Cheers for the advice, the way it's been broke down and the way offset was explained above has been helpful 
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Ian
Site Administrator
Registered: 28th Aug 99
Location: Liverpool
User status: Offline
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Compare the offset ones carefully though, just looked a few there to see how they sit alongside traditional products and all the ones I saw have a larger application fee.
Cost to borrow back against a Barclays mortgage is £150 every time you do it - which you can do so long as you stay within your LTV threshold of the product.
Offset one would have no fee each time you borrow back - but a £1499 set up fee.
Meaning you would have to need the money 10 times to make it worthwhile affording yourself the flexibility.
Plus the Barclays tracker if it is like mine comes with a reserve account facility, which works like an overdraft, the limit for which goes up as you increase the equity in the loan. I can move money from that at no cost and it currently has £20k available - which is roughly what I have paid off the balance.
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Rob B
Member
Registered: 8th Jan 04
Location: Area Motorsport Drives: Race EP3
User status: Offline
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Ah that's good to know, have a meeting at Barclays about this on Saturday so they should be able to give an idea of what we can do. I don't mind putting 75-80k down if it's accesible still.
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