Existing UB mortgage - originally First Active offset mortgage

Hi

Hoping someone else in a similar situation.

We took out an offset mortgage with First Active in 2004 which was transferred to UB.

Approx 85k outstanding on it but have taken advantage of the current account balance offsetting the mortgage to reduce interest by over 10k and am not sure where we go from here.

While our only joint bank account and used for household expenses, could easily divert to our individual accounts if needed so have not opened another bank account.

Has anyone else with an offset mortgage made any changes yet?

Von

I have one and I've switched some bits and pieces out of the other offsetting accounts I have but will be keeping at least one open until they let us know what is to happen with the offset mortgages as obviously the whole point of them is that there is a current/deposit account linked to it to offset against it. I can get to the stage where the current account linked is used for nothing other than the offsetting but will leave an offsetting deposit open too as why pay fees on the current one when the deposit will do! But have to wait and see what solution they are going to come up with. I have seen a poster, can't remember where, who obviously works for UB saying it's a possibility they will keep them in some way and operate remotely as they have no other solution.

As they have made no deal to transfer their trackers anywhere I don't think they know themselves what they will do with them!

Thanks - like you said if no deal to transfer their trackers they may have to hold on to the offsetting accounts too....will wait and see so.

I have offset mortgage also and we are looking to build extension so will be looking for top up. Even trying to talk to someone on these mortgages is proving difficult