Secure mortgage with savings account

cos_2

I'll be taking redundancy in a few months' time.

I have a mortgage with ING at a rate of 0.89% above base rate, currently 1.39%. I plan to open a savings account with an amount equal to the outstanding mortgage, and use it to pay it off. My wife has no income so we'll set it up in her name to get her tax allowance, and I could get 3% (or more?) at the moment.

The best way would be to convert my repayment mortgage to interest-only. I'd get much more benefit from the interest differential. And here's my question:

How do I persuade ING to convert to interest-only when I'm offering a bog standard savings account (e.g. with Santander) as the collateral? I'd like to have some ideas before I call them, so would welcome any advice

Thanks everyone.

Ms_Sophia

As far as I remember, ING's requirement for IO is to have min 150,000 equity and max. 66% LTV.

cos_2

I'm an idiot. I've just found the info on their website

Thanks for the response, though!

cos_2

Just a wee update. Spoke with ING and there's absolutely no way they'll accept a savings account as a repayment vehicle. They suggested I set up a repayment vehicle (without explaining precisely what) and call them back to see if they'll accept it!

I don't think it's worth taking any further.