Re-mortgaging to put into savings

AnotherJoe

I'd say given your age,savings and ability to manage losses, this is a gamble worth taking.

jamesd

Your plan is broadly fine but there are two aspects I'd change:

1. extending the loan term as far as possible. This doesn't force you to pay less or keep the mortgage longer. It does reduce the mandatory monthly minimum payment, so it reduces your risk.

2. Use of Funding Circle alone. Quite a few alternative that both pay more and may have lower risk profile.

ChrisJ1988

jamesd

Both very good points and I intend to do both, I chose funding circle simply because I saw it advertised and once I logged in I liked the look and feel of how it worked. I today signed up to saving stream but have yet to add any funds there. What other options would it be worth looking into. I have no idea about stocks and shares but would be willing to look into anything.

Thanks,

Chris.

jamesd

Ablrate and MoneyThing are both worth looking into in part for the combination of good rates for secured lending and excellent customer service.

mvarrier

I second saving stream and money thing

ChrisJ1988

Spoke to my mortgage company and they wouldnt let me take out equity for savings/investment and i didnt want to lie. I have extended my term, reducing my monthly payments and will have ~ £1000 a month to invest.

I wasnt really too sure what I could tell them I wanted the 25k for and if they would check up what I actually used the cash for had they of granted my request.

SG27

Earning 70k with a £900 mortgage I would forget taking equity and just invest the spare money each month.