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mortgage advice needed
mush1234
Posts: 26 Forumite
Hi, at the moment we own a house valued at £180k, we have £60k remaining on the mortgage.
The mortgage is an interest only mortgage, and I will soon have about £20-40k coming in from my business, which If I want to it could go towards paying of a chunk of the house.
Now my business will be going though a major change next year (well the new tax year) and while I would love to pay that £20-40k off on the mortgage I also want to keep it around incase the new business direction does not work as well as hoped.
Is there some way I can utilise that 20-40k to offset my payments on my mortgage and if needed and still get access to that money if I need too?
im a little clueless about mortgages, so sorry if this is a really stupid question
cheers
The mortgage is an interest only mortgage, and I will soon have about £20-40k coming in from my business, which If I want to it could go towards paying of a chunk of the house.
Now my business will be going though a major change next year (well the new tax year) and while I would love to pay that £20-40k off on the mortgage I also want to keep it around incase the new business direction does not work as well as hoped.
Is there some way I can utilise that 20-40k to offset my payments on my mortgage and if needed and still get access to that money if I need too?
im a little clueless about mortgages, so sorry if this is a really stupid question
cheers
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