UK Mortgage advice needed please

Hi all,

Me and my partner are looking to buy our first house. My partner has a property to sell which should leave us both with about £40,000 to put towards the new place.

My question is I have about £30,000 in savings. Should I put that towards the deposit for the new place or should I keep it in the bank?

If I do keep it in the bank are offset mortgages the best bet? If so, which one should we go for?

I'm unsure what to do as my savings will be handy in the future when hopefully kids arrive, or a new car/furniture/holiday etc. is needed.

Or is it better to have a smaller mortgage and maybe use loans for any future expenses?

Any thoughts or ideas appreciated.

Thanks John

Reply to
John Smith
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I like the barclays one, I would advise against the woolwich one (same product) on the grounds that I and several people I know had admin problems with woolwich. IF looked similar when I was taking mine out but had a slightly higher interest rate, that may have changed. The virgin one (now not virgin) is easy to operate according to people I know who have that but the rate was 1% higher.

Obviously loans are more expensive than using your own money. And an offset effectively gives youa smaller mortgage but lets you keep your savings so there is less hassle/paperwork if you do want to get the back again (compared to just getting a smaller mortgage)

IMHO offset is a good idea esp if you have the discipline not to go and blow the offset savings

Reply to
Tumbleweed

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