Offers to bank to pay off mortgage

andylarkin

Just a quick thought, but is there any merit to offering a settlement figure to the Abbey to pay off my mortgage?

At the mo its around £85,000 and my savings are around £55,000.

I am always hearing of people that have offered half of what they owe to credit card companies who have accepted these offers simply to get some cash in.

What chance of the same thing applying to the mortgage lenders do you think?

Reasoning behind my thinking is that the savings are earning zip at the moment, whereas the mortgage is at 6% tied for ten years!

Any thoughts?

Andy

socrates

andylarkin wrote: »

Just a quick thought, but is there any merit to offering a settlement figure to the Abbey to pay off my mortgage?

At the mo its around £85,000 and my savings are around £55,000.

I am always hearing of people that have offered half of what they owe to credit card companies who have accepted these offers simply to get some cash in.

What chance of the same thing applying to the mortgage lenders do you think?

Reasoning behind my thinking is that the savings are earning zip at the moment, whereas the mortgage is at 6% tied for ten years!

Any thoughts?

Andy

You have two hopes - Bob and no!

andylarkin

ok… well I can scratch that daft idea off my list of ways of being cute with money then.

Thanks for the reply.

lynnexxxo

You could ask however if you could make an overpayment of 55k to the mortgage and ask if there would be any charges etc. Even if there are you'd maybe better off if you are only getting a miserable % on your savings.