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Child savings accounts to overpay interest only mortgage
Liz33
Posts: 155 Forumite
I'm just in the process of remortgaging and i've chosen an interest only mortgage, with the option to overpay by 10%. I had planned to make payments upto the repayment value each month and just fall back on the interest only if desperate.
My mortgage adviser recommended that I just open up a savings account which pays more than 5.14% net (my mortgage interest rate) and pay off a lump sum yearly.
Having looked on here I note that anyone can open up the Halifax Childrens 10% accounts for neice's/nephews etc. This is what I am looking at doing I have two neice's. My question is though, will Halifax get suspicious when at the end of the year I transfer this money back to me and pay it off my mortgage. My current account and mortgage is with the Halifax as these accounts would be.
Any advice would be gratefully received.
My mortgage adviser recommended that I just open up a savings account which pays more than 5.14% net (my mortgage interest rate) and pay off a lump sum yearly.
Having looked on here I note that anyone can open up the Halifax Childrens 10% accounts for neice's/nephews etc. This is what I am looking at doing I have two neice's. My question is though, will Halifax get suspicious when at the end of the year I transfer this money back to me and pay it off my mortgage. My current account and mortgage is with the Halifax as these accounts would be.
Any advice would be gratefully received.
Sealed pot challenge - £400 no.491
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