Our mortgage fixed term ends in October this year and I'm trying to decide which mortgage to get next. Have always used the same IFA, but recently asked him and the mortgages that he came back with were a lot higher rate wise than the ones that I could find myself, so I've lost confidence in him.
Our current situation is that I am about to go on maternity. Not sure how long for, but have £60k from my business, along with my Husband's wage if I want to take a few years out for family.
No point leaving this in the business account doing nothing and personal savings rate are not good at the moment, so wondering if I should opt for an offset mortgage, but have never had one.
We will need some of that money - probably £10k-£15k pa - so can i just access that whenever I want?
The other option is to get a 2 year fixed rate and carry on overpaying the mortgage. The best rate, last time I looked, was 1.99% with Chelsea but with quite a high fee. Think YBS has a slightly higher rate, but a lower fee.
The house is valued at £150k and the current mortgage is £90k. We overpay a lot, so by October could get it down to £85k. The other option is to then pay another £25k off it, taking it to £60k, so that we have more money on a monthly basis anyway and therefore don't need as much of a 'pot' to dip into. However, I'm not sure I'm comfortable not having access to the £60k with it having paid off some of the mortgage, which is why I'm thinking of offset.
Hope that is clear. Any advice greatly appreciated.
Our current situation is that I am about to go on maternity. Not sure how long for, but have £60k from my business, along with my Husband's wage if I want to take a few years out for family.
No point leaving this in the business account doing nothing and personal savings rate are not good at the moment, so wondering if I should opt for an offset mortgage, but have never had one.
We will need some of that money - probably £10k-£15k pa - so can i just access that whenever I want?
The other option is to get a 2 year fixed rate and carry on overpaying the mortgage. The best rate, last time I looked, was 1.99% with Chelsea but with quite a high fee. Think YBS has a slightly higher rate, but a lower fee.
The house is valued at £150k and the current mortgage is £90k. We overpay a lot, so by October could get it down to £85k. The other option is to then pay another £25k off it, taking it to £60k, so that we have more money on a monthly basis anyway and therefore don't need as much of a 'pot' to dip into. However, I'm not sure I'm comfortable not having access to the £60k with it having paid off some of the mortgage, which is why I'm thinking of offset.
Hope that is clear. Any advice greatly appreciated.