Need another £15k, how does this offer look?

Burridge60

GuidoT wrote: »

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 !

Burridge60

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.

getmore4less

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.

Meeper

britishboy wrote: »

Meeper, would me giving you more info help in confirming your opinion?

Not really, it looks like a sensible option.