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princeperch-
None because it's porting our existing mortgage, hence the rate rising in October when the deal expires - likely by a lot.
I guess what we'd have to do if we were to get an offset mortgage would be to wait until our current deal expires to avoid a hike in fees and ERC straight away, and then look for an offset mortgage to replace it. The issue being we'll need the money within a couple of years, which might then limit the length of the deal we can get to avoid paying higher charges afterwards.
tbc
We've found ourselves in a strange and very privileged position which allows me to ask a very golf club question:
We are have a date set for exchange and completion and a mortgage offer, but I also just got some money through which means that, using our existing savings and equity from our sale, we could just afford to buy the house outright as cash buyers, and pay the solicitor's fees and SDLT. This would leave us with no savings, but also no monthly outgoings, which would mean that we could pay for smaller immediate jobs we know we would need - flooring, radiators, paint - on credit cards.
Later, when we want to do the bigger jobs (extension with kitchen, new bathroom), we could take out a mortgage and start paying it off then.
Alternatively, we could take out the mortgage we have agreed which is on a decent rate until the end of October, which would keep our savings intact until we needed the work doing, and also means we could maybe get some slightly bigger jobs done in the meantime.
The downside of this is we're paying monthly from the off, and after October it will go up even more. And also there's a danger that, seeing as we can access more of our money, we might overspend money we'd ideally need for future works.
What would you do?