Due to the nature of our jobs, we have to claim considerable amounts of money that stay in our account for short period of time before it dissapears to cover the bills. Open Plan account from Woolwich is linked with a savings account where we can keep all the "spare" money and earn interest for the short period the money stays in the account.
There are multiple advantages: - the monthly mortgage is reduced because the money we kept in the account reduced the overall amount we borrowed (even when we had the money for one day) - the interest is calculated daily - we can use the little savings to repay the mortgage, which reduces the interest steadily - for whatever reason we can stop the payments for few months - we have the option to increase the mortgage with an extra 20k which we can use to improve or develop the property.
The only pain was the initial set-up which took more than 6 months and going through to customer service every time we have a query.
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Advantages: Payoff chunks of mortgage whenever you want. Offsetting saving accounts, interest calaculated daily Disadvantages: Can be tempted to borrow to the max
odtaa 07.11.2008 (07.11.2008)
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Ciao members have rated this review on average: very helpful
Review of Woolwich Mortgages
Sep 1st, 2006
helpful by (20%):
somewhat helpful by (80%):
