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Interest only, offset tracker mortgage
Comments
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getmore4less wrote: »While going through this exercise you might as well borrow more(as much as you can) offset the spare and have this flexible line of credit to juggle your money for as long as you can.
Well, we have spare cash already (three years of "essentials") to cover what renovations we will need etc., though some is tied up (term accounts, NS&I, etc.), hence scraping around if mortgage is an issue.
However, upping to £150k-£200k shouldn't be an issue so let's see what they say.I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.
Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.0 -
getmore4less wrote: »While going through this exercise you might as well borrow more(as much as you can) offset the spare and have this flexible line of credit to juggle your money for as long as you can.
That will be a nice one to justify with the regulator.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Crikey, one near collapse of the global financial system and we go from "wild wild west" to having a regulator just like that!I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.
Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.0 -
That will be a nice one to justify with the regulator.
Say the op wants to do £50k of renovation/improvement over the next couple of years and wants to borrow rather than cash or investments.
you saying the regulator requires you to use all your cash and investments before you can borrow money clearly not the case.0 -
I remember long ago extending a mortgage for exactly one month, and just so that I had that £50k in a Leeds Permanent account on the 2nd of two dates so that I got the maximum share allocation when they demutualised. Of course, it was my mortgage with Leeds Perm that I extended!
£12k of free shares, which paid to get the driveway resurfaced.I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.
Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.0 -
OK, so I chatted to the Mortgage Broker at the estate agents and he was a complete waste of fresh air. He didn't seem to know much about what was on offer and after a few minutes decided that I'd found the best product by myself.
Ah well.
More encouragingly, I just got off the 'phone with the guy from Barclays and he can't see any problem at all, so I'm going ahead with a full application on Wednesday.I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.
Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.0 -
All systems go with Barclays. I guess there is a chance of a hiccup, but everything smooth so far, interest only not a problem, and key paperwork under my best reading glasses as I type.
I may even have drummed up some business for my wife with Barclays chappy and colleagues, which could be upside!I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.
Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.0 -
Ok, everything went through totally smoothly, and we're even having to slow them down!I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.
Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.0 -
Just for completeness, exchange on property for daughter is approaching, so mortgage drawn down and money loaned to her via a Promissory Note that I drew up.
Thanks all.I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.
Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.0
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