10 year fixed ?

dimbo61

The problem with having a large sum of money in savings while also having a mortgage is that the nice benefits people expect you to live off your savings while you look for a new job.
Now if you had paid off the mortgage you could get the benefits !!!
So clearing a large part the mortgage but say leaving £15k in savings and £15k left on the mortgage is the best way to go until you have enough savings to pay off the mortgage while still having savings in the bank!

[Deleted User]

dimbo61 wrote: »

The problem with having a large sum of money in savings while also having a mortgage is that the nice benefits people expect you to live off your savings while you look for a new job.
Now if you had paid off the mortgage you could get the benefits !!!
So clearing a large part the mortgage but say leaving £15k in savings and £15k left on the mortgage is the best way to go until you have enough savings to pay off the mortgage while still having savings in the bank!

Agree with you in principle here. Unfortunately or fortunately depending on how you look at it, other assets would still leave me over the £16K level. Hopefully I will get a new job relatively quickly before I start to burn serious money. At least I still qualify for contribution based JSA for 6 months.

TighterThanTwoCoatsOfPain

perplexed.com wrote: »

That sounds like a good deal as I was considering a 10yr fix, too with a facility to overpay and reduce the term that way. Would you be willing to say who your provider is ( I realise my situation might differ but you never know )?
!

First Direct, although they dont offer long term fixed at the minute, and are quite strict in LTV too.. Think 60-75% tops.

I dont have the concern re: the over-payments that others have above. Rather than "overpayments" which you could potentially not get back (Natwest recently spings to mind) , you can choose which accounts you want the offset to apply to. I just had an additional savings account set up which is my "overpayments" fund in addition to my "emergency" fund so i can see everything ringfenced seperately, but also see the consolidated view in their Internet banking.

I'm a bit of a FD fanboy! lol

perplexed.com wrote: »

P.S. Shame you didn't have space for the "t" at the end of your name!

I know! Was gutted.. i thought I had it too until i couldnt log in :-)

perplexed.com

First Direct is my current account bank too and I am also a fan ( though more of a fangirl lol ); their customer service is great.

I do have about 60% LTV ( though no recent valuations so that's a guess ) so I may look into their off-set. Not sure I'd be savvy enough to use it well, though. I wish they would introduce a longer term fix.

pablo1827

Sorry for going off topic but Tighterthantwocoatsofpain couldn't you lose the two and replace with the digit 2.

TighterThanTwoCoatsOfPain

lol! yeah, i probably could have if i could be bothered at the time... it wasnt until after the event that i'd realised i'd lost the "t" :-)