No matter how hard I try, mortgages are gobbaldy gook to me, I can never get my head around it !!
Can anyone try & explain to me really simply (if possible!) what exactly a mortgage with offset account is? My vague understanding (even after the broker explained it twice!) is that we will have this offset account that our pays will go into, we will do our daily spending on a credit card & pay it off fully on its due date (after 55 days interest free)... is this right? How is this more beneficial than any other type of mortgage?
TIA