Short term mortgage

WendellG

I stupidly put my savings into a 2yr fixed term account (£100k). It seems I can't get it back even offering to pay some penalties so I have to wait until the end of the term (18 months)

I've now found the (BTL) property I want and will need this money to pay for it, does anyone have any suggestions on the best way to get a short term mortgage or loan. I wouldn't need a mortgage otherwise, and as soon as the term of the savings account is up I'd clear the outstanding loan.

From what I can tell this is going to cost me around £2k set up fee then circa £400pm for an interest only mortgage, partly offset by the savings interest.

Rollinghills

Are you really sure you can't break the ISA? That's a bit strange...

WendellG

It's not an ISA it's a 2yr fixed term savings account.

Mortgage_Mark_2

If you can't get the savings out, how would you offset them against the mortgage, unless you physically mean what you receive compared to what you pay?

I'd suggest just get the best priced 2yr deal you can and hold onto the funds for a few months afterwards rather than paying an Early Repayment Charge as soon as your 2yrs is up.