pay mortgage with interest from savings?

Reaper

At the risk of stating the obvious why do you want a mortgage???

You need £250,000 and you have £350,000 sitting in the bank from the sale of your house? Since you would be paying more in mortgage payments than you will be earning in interest don't get one - just use your savings.

If for some reason I don't understand you need a mortgage then get a builders mortgage designed for people building homes. They release the money in stages to help you build the next step. Almost all work in arrears so you need some of your own money to get the building started, then the mortgage kicks in and funds the rest.

You might want to look at the A&L one which offers a 2 year fix at 4.86% but only lends after the first floor has been completed, and Leeds & Holbeck 5.59% fixed over 5 years available as soon as you have the land (info from Sunday Times).

Al_Mac

Don't want to be rude, but how many times have you posted this question? You'll probably get the same answers.

withnail71

i was just looking at it as a longterm investment ie end up with £350000 in the bank plus a house paid for with the interest which will probably have increased in value considerably over the mortgage term.

i have posted this question in 2 catagories as i presume some people may only view one catagory, as i do i probably only view around 5 or 6 catagories myself. just trying to get as much info as possible before approaching a possible lender

thanks again all for any help

Al_Mac

Most of the regular posters, and generaly clued up, hang around the New Posts bit. So will be likely to see it, not matter where it is posted.:D

isasmurf

It is against the board rules to multiple post. If you feel the need to attract the attention of two different boards, post on one board, and post a link to the original post on the other board. This way all the replies are kept together.

I'm moving this to the mortgages board, where it is better placed. The Board Guide will (hopefully) merge it with your other thread.

m00nie

thanks isasmurf,

ive now merged the 2 threads into 1.

withnail71,

repeating the same question will not neccasarily get you more answers, it may just get you the same answers repeated which dosent help anyone, so really its best to just place the 1 thread in future.

thanks

m00nie

withnail71

sorry will know for next

thanks for moving for me