Hi RedOnion,
Thanks for this - as I understand it EBS credits your mortgage account let's say 100k so if you had 220k in there you are now paying interest and principal on the balance. So if you have a reduced balance of 120k, this is how you are saving on the interest as you are paying more off the principal. If you leave it like this you get the benefit of the interest savings but can still yank the money out if circumstances change. (You need to write into them to tell them to put it back in the account).
You raise a good point in relation to moving to a fixed rate, I'll give them a call - 3.15% is a decent enough saving alright.
Best,
Opus2018.
That was my understanding - I'm trying to make contact with my EBS branch to confirm this again.
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