Egg Mortgages

The Egg Saver Mortgage offers the ability to reduce your interest payments, and hence reduce your mortgage outstanding, by offsetting your savings against your mortgage. That is, instead of receiving interest on your savings at a low savings rate, you reduce the interest paid on your mortgage (at the usually higher mortgage interest rate). A simple example, based on an interest only mortgage, illustrates this. If you have a mortgage of £50,000 and savings of £10,000, you would normally pay interest at say 5% on your mortgage and receive interest of say 4% max on your savings. You would ... more

Oh, do I love this product! The EGG Saver Mortgage (2006 UPDATE at the end) This is a simple flexible mortgage with the added bonus of being able to have a linked offset savings account. It cost me NOTHING to remortgage, which took 4 weeks. Features (2002): Competitive rates (as of May 2002, 4.74%, 4.8APR) Offset your savings (Beat the tax man! ) Interest calculated daily Withdrawals and payment breaks Free legal fees package for remortgages 95% loans with no MIG charge Free valuation As one of those bores that is always on the look out for the best financial deal I've just moved one of my ... more

I changed my mortgage to Egg about 6 months ago and the processs was remarkably painless. My old mortgage company took longer to ask me to stay than they did to complete the details. Indeed it was nice to get a please stay with us letter the day after my mortgage had moved. Even with the sudden reduction in payments my old supplier had offered egg was still cheaper. The process is all done online and although it takes some time you can leave it and come back later as it saves your form for you to carry on with next time. Once the form had been submitted a call came from Egg to check a few ... more

Our house mortgage with Cheltenham and Gloucester had finished its lockin period so we had a look around at providers. As we did not need a short term 'cheap mortgage' period but would rather be able to overpay a flexible mortgage we found that Egg had a very good rate with interest calculated on a very frequent basis. We had a chat with Cheltenham and Gloucester whose flexible mortgage was well over 1 percent higher APR. They did explain that we could over pay on our current, non flexible, mortgage but the amount overpaid would only reduce the interest once a year. They admitted that the ... more

What can you say about a mortgage? I chose my Egg mortgage because: - it was a very flexible mortgage (beware of some of the so-called flexible mortgages which don't allow you to withdraw and overpay whenever you want to) - it has a very competitive rate from day 1. You can obviously get a better rate with some promotions but check the rate when the introductory period expires - interest is calculated on a daily basis so any overpayments have an immediate effect - I've always been wary of getting a mortgage from a 'new kid on the block' because of the suspicion that they lock you in and then ... more