We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Off set mortgage possibility and advice needed
Abbey1
Posts: 34 Forumite
I don't think that there is an easy way of explaining this. But I will try. I am currently selling my house with the intention of buying a cheaper property which will pay off my mortgage. However, I have been paying for mortgage protection insurance for the last six years in case of redundancy and it looks as though I may be made redundant this year. I wondered if it would make sense to take advantage of the £24,000 insurance that I would receive if this happens, to get an offset mortgage on the new house so that in the event that I'm not made redundant I would have little or no mortgage to pay because the savings would be offset against the mortgage and if I am made redundant I could move the savings out of the offset account and then the insurance would kick in and pay. Complicated but if anyone can advise me if this is a sensible course of action or whether there is a better way please let me know. Thank you.
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.6K Banking & Borrowing
- 254.2K Reduce Debt & Boost Income
- 455.1K Spending & Discounts
- 246.7K Work, Benefits & Business
- 603K Mortgages, Homes & Bills
- 178.1K Life & Family
- 260.7K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards