Should I remortgage and hold the cash

bintheredunthat

We’re in the fortunate position of having no mortgage and expect to move in the next 2-3 years. If we don’t move we’ll extend/improve our current property. With the announcement of the latest interest rate cut I feel we should remortgage now to get £150k and put it in an account as money is so cheap. However, my Wife doesn’t see the point of making monthly payments now if we remortgage and thinks we should wait. To me it’s a no brainer. We can afford the payments, it means we start paying, and probably overpaying, for a loan which is going to be needed sometime in the future anyway, early. Any advice please.

[Deleted User]

Most lenders won't allow you to take cash unless you have a proveable use for it

bintheredunthat

Thank you. Presumably that means plans for improvements etc?

[Deleted User]

At that level then I'd expect to have to show some level of documentation for what the money is for.   At £10k for a car they probably wouldn't ask but I think it would be lender and underwriter discretion to request more info