I had an offset mortgage with first direct in 2000. I made overpayments on the understanding that I can have access to surplus funds at any time as long as I kept paying monthly instalments regularly.
When I needed a lump sum from my overpayments to do home renovations after 17 years of regular payments, they bluntly refused on the pretext that a second charge was applied on my mortgage!!!
Morale: Avoid First Direct Offset Mortgages! If you have to take one with First Direct, never make overpayments. Your savings will go into a black hole and you will never see this money again!!
Beware!!!
Reviewed on: 11th August 2017
