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    • Glover1862
    • By Glover1862 8th Feb 18, 8:39 AM
    • 254Posts
    • 125Thanks
    Glover1862
    Offset mortgage- depositing additional funds
    • #1
    • 8th Feb 18, 8:39 AM
    Offset mortgage- depositing additional funds 8th Feb 18 at 8:39 AM
    If I apply for a offset mortgage with additional funds can I simply hold the additional funds in the linked savings accounts? this way I will have the money should I need it but it won't cost me any interest, any issues with this plan? I am thinking of building an extension but just not sure when ( or if I really want to do it) and now is remortgage time so ideal time to apply for additional funds.
Page 1
    • minimike2
    • By minimike2 8th Feb 18, 8:43 AM
    • 1,933 Posts
    • 1,441 Thanks
    minimike2
    • #2
    • 8th Feb 18, 8:43 AM
    • #2
    • 8th Feb 18, 8:43 AM
    Yes entirely possible.

    Your only blocker will be getting someone to provide you advice to borrow money which you do not need. You will need to give a valid reason as to why you need to borrow the money. Putting it into savings just in case is hard to justify for an advisor.
    I am a mortgage industry professional. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice
    • Glover1862
    • By Glover1862 8th Feb 18, 9:10 AM
    • 254 Posts
    • 125 Thanks
    Glover1862
    • #3
    • 8th Feb 18, 9:10 AM
    • #3
    • 8th Feb 18, 9:10 AM
    Thanks, as I mentioned it is for an extension which I'm 90% certain I'll do just not sure when, borrowing the extra now will mean I'll know how much I can spend.
    • getmore4less
    • By getmore4less 8th Feb 18, 11:33 AM
    • 31,358 Posts
    • 18,789 Thanks
    getmore4less
    • #4
    • 8th Feb 18, 11:33 AM
    • #4
    • 8th Feb 18, 11:33 AM
    Offsets are ideal for this sort of situation

    You still have to watch the LTV and rate boundaries.
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