We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Need another £15k, how does this offer look?
Comments
-
Do not see how an ERC would be that relevant with an offset mortgage..
Its a fixed rate I believe don't they normally tie you in !I am a Mortgage AdvisorYou should note that this site doesn't check my status as a Mortgage Advisor, 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.0 -
britishboy wrote: »cheers people
I have £30k in savings thats used to offset approx 50% of the time (the other half its in shares - then back into savings once a profit made)
So why not pay off the loan with some of this cash and make sure you pay what your loan costs each month to your mortgage
Just cut down on your share trades for a while and build up your "bank" again for your gambles. Or do you need more capital to bet on shares.I am a Mortgage AdvisorYou should note that this site doesn't check my status as a Mortgage Advisor, 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.0 -
SInce you want to get another £15k(even though you have other money) for various things
You have two choices,
move lender/deal and pay the ERC's
Extended borrowing,
Now since this borrowing is less than the current rate max it out and offset it.(you will probably be offsetting the £15k anyway to begin with unless the various things are all immediate, don't say you are offsetting the various things just got a bit more expensive)
LTV might be a limiting factor, with £15k you hit 70%
In two years you can just pay it off from the offset pool if you want so zero risk just some fees.
Another thing to look at is 0% purchase CC, if any of these other things involve spending you can keep the money offset for a year or so.0 -
britishboy wrote: »Meeper, would me giving you more info help in confirming your opinion?I am an Independent Financial AdviserYou should note that this site doesn't check my status as an Independent Financial Adviser, so you need to take my word for it. This signature is here as I follow MSE's Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply

Categories
- All Categories
- 351.7K Banking & Borrowing
- 253.4K Reduce Debt & Boost Income
- 454K Spending & Discounts
- 244.7K Work, Benefits & Business
- 600.2K Mortgages, Homes & Bills
- 177.3K Life & Family
- 258.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards