flexible mortgage

When you say you have a flexible mortgage, you mean just that do you, not an offset mortgage? Because with the latter you would definitely offset the mortgage with the savings and there would be little point in paying some of the mortgage off. But in the situation you describe, there probably would be.

Rob Graham

yes sorry i thought an offset mortgage was called a flexible one..so yes i don't get interest on my savings etc..

but you answered my question none the less...

many thanks

cheers

richard

Yes. If you lose your job the DWP would probably look upon your savings account as available capital, even if it is offset against your mortgage. So you probably wouldn't be able to claim means tested benefits.

If you pay off part of the mortgage with your savings then you can truthfully state you have no savings if the need to claim means tested benefits ever arises. And if the mortgage is truly flexible, you should still be able to draw down on your mortgage overpayments.

Only if you wanted to switch to a non-offset mortgage (e.g. a fixed-rate deal). Or if you think you might lack willpower and blow the £50k on Porsche or something!

well Stephen this is how fast and furious my life is..I'm just about to 'blow' five grand on a Nissan almeria...:-/

cheers

richard