We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
📨 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!
Pay off mortgage
Clar72435
Posts: 1 Newbie
I currently have £49000 oweing on my offset mortgage with £30000 in the savings account.
I have always left it there for buying new car or house maintenance etc however I am now considering having children and will not be entitled to UC with savings of that amount sat there.
if I pay more off my mortgage now, if in the future I need to release some money from my mortgage would I be able to do this?
I have always left it there for buying new car or house maintenance etc however I am now considering having children and will not be entitled to UC with savings of that amount sat there.
if I pay more off my mortgage now, if in the future I need to release some money from my mortgage would I be able to do this?
0
Comments
-
It depends on the T&Cs of the mortgage. Ours is completely a completely flexible rather than just an offset. So really just a current account with a massive overdraft facility. We can put ££ in the account so it's actually in credit and then spend loads so we're back into the "overdraft".
I don't know how UC consider offset mortgages and related savings accounts. Are you sure it means you wouldn't be entitled? Might be a good idea to ask about that on the benefits board?I’m a Forum Ambassador and I support the Forum Team on Debt Free Wannabe, Old Style Money Saving and Pensions boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
Click on this link for a Statement of Accounts that can be posted on the DebtFree Wannabe board: https://lemonfool.co.uk/financecalculators/soa.php
Check your state pension on: Check your State Pension forecast - GOV.UK
"Never retract, never explain, never apologise; get things done and let them howl.” Nellie McClung
⭐️🏅😇🏅🏅0
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.6K Banking & Borrowing
- 253.3K Reduce Debt & Boost Income
- 453.9K Spending & Discounts
- 244.5K Work, Benefits & Business
- 599.8K Mortgages, Homes & Bills
- 177.2K Life & Family
- 258.1K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards