First Active Current Account Mortage

T

teddybearkb

Guest
Hi, Anyone have feedback on the current account mortgage offered by first active? I'm seriously considering it, can't find any drawbacks with it!
 
I have one - so far (10 months) I've reduced the overall term by 2 months. V good.

Sarah

www.rea.ie

(But the above comment is personal!).
 
Can I ask if you get monthly statements showing how much you've saved on term or in monetary value?
 
Yes you get a monthly statement showing how much you have saved. The idea is that the interest is calculated on a daily basis so the more money you have in your current account, the less interest you pay that day. seems too good to be true!
 
re: first Active

If you have an ordinary mortgage with first active is it easy to change over to the current a/c one? Have 23 years left on mine.
 
NIB Offset Mortgage

(Reposting here since it seems to have been lost in the other thread.).

NIB literature on their current-account type mortgage refers to savings accounts that can be counted as part of the offset amount.

Is anyone aware what form these savings products take or what rate they pay?

If for example they offerred a deposit account paying 1% this would make the offset product significantly more attractive than other current account mortgages (or even tracker mortgages!)
 
Re: NIB Offset Mortgage

As far as i know its very simple to change over from first active fixed mortgage to current account. obviously you would need to speak to local branch re this, but i have so far found the staff to be extremely helpful.
 
NIB offset

Mugs Game,

The NIB accounts linked to the mortgage don't pay interest. Instead they reduce the interest payable on your mortgage. So effectively you're saving the rate of interest applicable to the mortgage.
 
Re: NIB offset

Thanks CoS, I understand that as it applies to current accounts.

But they also mention linking the mortgage to an "offset savings account", which I'd assumed (as a savings account) would carry some positive interest rate of its own - otherwise what would be the point. But perhaps not - I was interested in the rate as I couldn't see how they'd avoid losing money on such a deal!
 
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