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!
Offset mortgage- depositing additional funds
Glover1862
Posts: 410 Forumite
If I apply for a offset mortgage with additional funds can I simply hold the additional funds in the linked savings accounts? this way I will have the money should I need it but it won't cost me any interest, any issues with this plan? I am thinking of building an extension but just not sure when ( or if I really want to do it) and now is remortgage time so ideal time to apply for additional funds.
0
Comments
-
Yes entirely possible.
Your only blocker will be getting someone to provide you advice to borrow money which you do not need. You will need to give a valid reason as to why you need to borrow the money. Putting it into savings just in case is hard to justify for an advisor.0 -
Thanks, as I mentioned it is for an extension which I'm 90% certain I'll do just not sure when, borrowing the extra now will mean I'll know how much I can spend.0
-
Offsets are ideal for this sort of situation
You still have to watch the LTV and rate boundaries.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.5K Banking & Borrowing
- 253.7K Reduce Debt & Boost Income
- 454.5K Spending & Discounts
- 245.5K Work, Benefits & Business
- 601.4K Mortgages, Homes & Bills
- 177.6K Life & Family
- 259.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards