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Woolwich openplan advice
sam1967
Posts: 41 Forumite
Hi,
I have an openplan mortgage with the woolwich, balance £121,000, original amount £153,000, and was wondering if i could re-activate the mortgage reserve (never used it previously, and it was de-activated a few years ago), and use the reserve to pay off the amount i owe on my DMP (currently approx 12,000, and about 2.5 years to run), and hopefully offer and pay reduced F&F settlements, saving potentially a few thousand pounds, allowing me to use the money currently paid into my DMP to overpay the mortgage, and clear the borrowing quicker.
I also have a First Plus loan for £65, 000 and was hoping that once the original reserve borrowing was cleared i could start paying off the FP loan each year or so at a rate of 10% of original loan.
Hope this makes sense, and would be grateful if anyone had any idea if this was possible, Thanks
I have an openplan mortgage with the woolwich, balance £121,000, original amount £153,000, and was wondering if i could re-activate the mortgage reserve (never used it previously, and it was de-activated a few years ago), and use the reserve to pay off the amount i owe on my DMP (currently approx 12,000, and about 2.5 years to run), and hopefully offer and pay reduced F&F settlements, saving potentially a few thousand pounds, allowing me to use the money currently paid into my DMP to overpay the mortgage, and clear the borrowing quicker.
I also have a First Plus loan for £65, 000 and was hoping that once the original reserve borrowing was cleared i could start paying off the FP loan each year or so at a rate of 10% of original loan.
Hope this makes sense, and would be grateful if anyone had any idea if this was possible, Thanks
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