Hi,
I've recently come into some money which is more than enough to pay off my mortgage. I did a fixed rate for 10 years at 5.9% and still have 5 left so will have to pay £12k to get out of it. But I owe approx. £135k as off today so will save that in interest.
I was talking to someone about this and they said they would look into an offset mortgage. I was going to pay a large amount off and leave approx. £60k mortgage and have it offset by £60k savings so this would be an interest free loan??
Any advice appreciated.
T
I've recently come into some money which is more than enough to pay off my mortgage. I did a fixed rate for 10 years at 5.9% and still have 5 left so will have to pay £12k to get out of it. But I owe approx. £135k as off today so will save that in interest.
I was talking to someone about this and they said they would look into an offset mortgage. I was going to pay a large amount off and leave approx. £60k mortgage and have it offset by £60k savings so this would be an interest free loan??
Any advice appreciated.
T