M
My question is, will my money be safe? If the doom-mongers are right and there is a bubble about to pop will I be in danger of losing this money?
I mean if the value of the house goes down will I lose money?
You could give back the keys like many before in England, if you cant pay you cant pay, so they just take back keys as far as I can seeNo matter what happens to the housing market, you are going to have to pay off the outstanding mortgage. Whether you reduce this amount today through a lump sum payoff or not is entirely up to you.
You could give back the keys like many before in England, if you cant pay you cant pay, so they just take back keys as far as I can see
Also in the case of having to hand back the keys its bye bye 50K what a waste of money.
My slight worry was that if house prices went down I'd have basically blown this money.
Why fret about the value of houses???
The value of your home does not matter unless you're selling it.
Are you 100% sure about this in all cases? This suggests that EBS are operating offset/current account mortgages by default. I would be surprised if this was the case and that the customer did not need to make it clear what s/he wanted done with overpayments (e.g. keep them as a credit on the account, same but offset them against capital outstanding or actually pay them off capital thereby preventing you getting the money back without a top-up). As always I feel that it's important to put your instructions in writing and get confirmation in writing from the financial institution.If your mortgage is with the EBS and not fixed you can credit your mortgage account with the lump sum. It will reduce the interest charged but you can take all or part of it back out as you wish so if you think it would be better elsewhere it is very easy to withdraw it.
If your mortgage is with the EBS and not fixed you can credit your mortgage account with the lump sum. It will reduce the interest charged but you can take all or part of it back out as you wish so if you think it would be better elsewhere it is very easy to withdraw it.
Are you 100% sure about this in all cases? This suggests that EBS are operating offset/current account mortgages by default. I would be surprised if this was the case and that the customer did not need to make it clear what s/he wanted done with overpayments (e.g. keep them as a credit on the account, same but offset them against capital outstanding or actually pay them off capital thereby preventing you getting the money back without a top-up). As always I feel that it's important to put your instructions in writing and get confirmation in writing from the financial institution.
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