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Overpaying on a borrow back mortgage
midlandsgrandma
Posts: 17 Forumite
I have estimated that I have 2 years savings to live off until my state retirement pension kicks in. I have a borrow back mortgage with the Nationwide. I can overpay (say 18 months of my 2 years savings) and have it back upon request. Can I have your thoughts please? I'm terrified that they will change the rules and I can't get my money back over the next 2 years and end up starving!
1
Comments
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If the ability to borrow back is a contractual term. Then unlikely to be withdrawn. The money will still need to repaid though. How long before your mortgage term ends?1
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What rate?
How much longer does your mortgage run in retirement?
If you know you need the money there may be better options.
1 -
I was going to give them £10,000 leaving only £3,000 to pay off. I think that would reduce my monthly payments (should I wish to) until I had to start taking it back out again. It seems a better thought than having it sit in a current account doing nothing. I have a copy of the original mortgage offer which includes the borrow back facility.0
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