Current account mortgage but no savings!

beastman

I am looking at remortgaing as have to find about 16K to fund a new kitchen and my existing credit card debts.
I am looking at possibly moving abroad in a say 3 or 4 years (and potentially renting my house out) and I was thinking a current account mortgage could be a good move.
Obviously I have no savings to offset the mortgage but I could overpay I guess 100 to 200 pounds per month into the account.
Maybe it isnt such a great idea but I was thinking an Intelligent Finance current account mortgage or a smiliar product would allow me alot of flexibility to pay back more money each money and save interest and underpay if I needed to.
Can anyone tell me if this is wise move?

thanks

herbiesjp

If you want to make overpayments into your mortgage then there are plenty of cheaper deals that you should look at before looking at current account mortgages.

However, if you want to be able to get acess back to those funds that you overpay, you would need to make sure you opt for a mortgage that allows for draw back - this way you benefit from the overpayments, but then can withdraw the overpayments if you want to

The current account mortgage, again may not be the cheapest option for you

HTH

beastman

herbiesjp wrote:

If you want to make overpayments into your mortgage then there are plenty of cheaper deals that you should look at before looking at current account mortgages.

However, if you want to be able to get acess back to those funds that you overpay, you would need to make sure you opt for a mortgage that allows for draw back - this way you benefit from the overpayments, but then can withdraw the overpayments if you want to

The current account mortgage, again may not be the cheapest option for you

HTH

thanks for that - Yeah I would certainly need the option of borrowing more - any pointers of the cheapest deals that have overpayment flexibility would be appreciated.

firesidemaid

go to https://www.moneysupermarket.co.uk for best-buy tables or there might be a link on the front of this website.

just a thought - do you really have to have the kitchen now if you are going away in a few years? why not save the money and get a cheap one put in when you rent it out?