Cheque book mortgage

judmarzola

We currently have a Bank of Scotland chq book mortage where we have the facility to write out a cheque for any amount (up to our agreed lending limit of £116,000) and then make monthly repayments. We can, however, then pay off the outstanding loan at any time, so our repayments go down to virtually nothing. The amount we can borrow is set against the equity in our house (we also own and now live in another house, mortgage free). We recently bought a barn for £41,000 and are making repayments against that, and could either pay it off very soon with an inheritance, or with the profit from selling the house. We now want to sell that house, as we want money readily available to buy another "project" ie another house that needs renovating if and when one comes up. However, we would like the same type of mortgage again on our current house, to give us flexibility to write a chq out to buy a project, plus the profit from the other house.
An ordinary mortage isn't much good to us, but Bank of Scotland don't do the same mortgage any more. Does anybody know of this kind of mortage available anywhere any more?

Senior_Paper_Monitor

Basically an 'offset' mortgage - lots of them available from a variety of lenders.

Thrugelmir

Virgin One Account.