Brendan Burgess
Founder
- Messages
- 54,435
What's that? Are you sure that this is not just a tracker/variable rate mortgage on which you can make accelerated lump sum or regular capital repayments/overpayments - but then the money is locked in and cannot (easily) be accessed?If you have a present and future advances mortgage
Another option is that NIB are offering a savings account at the moment that has the same interest rate as their LTV mortgage (assuming an LTV <50%). So any excess money can be put into the savings account and will balance out the mortgage interest on that amount. If you decide, you can then transfer the money against the mortgage.
This isn't exactly an answer to your question, but I thought I'd suggest it.
I came across it as I have gone to NIB for a top-up on my LTV (<50%) mortgage and this was suggested as the easiest way to hold the extra until I need it, as opposed to staged drawdown during the renovations.
What's that? Are you sure that this is not just a tracker/variable rate mortgage on which you can make accelerated lump sum or regular capital repayments/overpayments - but then the money is locked in and cannot (easily) be accessed?
Sorry - I can't really understand this at all...No, the actual mortgage can be registered for the initial advance meaning that any top-ups also have to be registered or for present and future advances meaning that any tops-ups are deemed to be secured and can be done faster.
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?