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Has anyone remortgaged with additional borrowing for emergencies....just in case
IAMIAM
Posts: 1,425 Forumite
With a view to repaying a lump sum when fixed rates settle a bit more and wages/prices stabilise a little more....what extra have you borrowed if any?
Or is it a case of wishing this?!
Or is it a case of wishing this?!
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Comments
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I haven't, but, just to throw in an alternative option. Have you consifered an offset mortgage? That way the offset funds effectively reduce the amount you pay interest on, but you can still withdraw the offset monies if you needed to.
Best of both worlds. We have an offset and love knowing we pay less interest, but could also take out some of the offset monies in an emergency.1 -
It's a bad idea securing this kind of borrowing on your home. Consider keeping a 0% credit card handy instead while building savings.1
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I dont think lenders will lend for savings. I dont know of any of the top of my head.
I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.1 -
Which lender?boots_babe said:I haven't, but, just to throw in an alternative option. Have you consian offset mortgage? That way the offset funds effectively reduce the amount you pay interest on, but you can still withdraw the offset monies if you needed to.
Best of both worlds. We have an offset and love knowing we pay less interest, but could also take out some of the offset monies in an emergency.0 -
I'm with First Direct but there are others.IAMIAM said:
Which lender?boots_babe said:I haven't, but, just to throw in an alternative option. Have you consian offset mortgage? That way the offset funds effectively reduce the amount you pay interest on, but you can still withdraw the offset monies if you needed to.
Best of both worlds. We have an offset and love knowing we pay less interest, but could also take out some of the offset monies in an emergency.0 -
Not wanting to sound pedantic, but that is a criminal offence.ytfcmad said:
Borrow for a new kitchen, just dont get it fitted.ACG said:I dont think lenders will lend for savings. I dont know of any of the top of my head.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.1
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