I have a mortgage with 218k left to pay and 22 years left. My employer has moved me overseas until July 2015. I am in a fortunate position to have 170k available.
As investment returns are so poor at the moment and my timescale is short, I was thinking of paying off a lot of the mortgage and then reborrowing it in 2015 when I would like to use the money to improve the house. Will this be possible?
I did consider an offset mortgage. However, I am letting the property (with the lenders permission) so the fees don't seem worth it for the £48k mortgage that will be left.
Any advice?
As investment returns are so poor at the moment and my timescale is short, I was thinking of paying off a lot of the mortgage and then reborrowing it in 2015 when I would like to use the money to improve the house. Will this be possible?
I did consider an offset mortgage. However, I am letting the property (with the lenders permission) so the fees don't seem worth it for the £48k mortgage that will be left.
Any advice?