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

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Comments

  • 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 !
    I am a Mortgage Advisor
    You 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.
  • 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 Advisor
    You 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.
  • getmore4less
    getmore4less Posts: 46,882 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    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
    Meeper Posts: 1,394 Forumite
    britishboy wrote: »
    Meeper, would me giving you more info help in confirming your opinion?
    Not really, it looks like a sensible option.
    I am an Independent Financial Adviser
    You 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.
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