I third this... As i mentioned when i responded to a couple of posters, it is all about personal preferences and this can only be understood by way of a meeting with an IFA who would ask questions to understand your goals, preferences and attitude to risk.
Good luck to any of those who decide...
It may be worth you seeing if you can get a free initial consultation with an appropriate legal company. Try and sound out what their initial thoughts are and what sort of costs are involved should you wish to challenge the ways things lay.
Lenders price their products every 5% and so improving your loan to value can never be a bad thing. Having said that, if you can get a better interest rate on your savings than you are paying for your mortgage then you will make more money doing it this way. You could then make a much bigger...
Its all about your personal preferences of course but with rates being what they currently are, id suggest that if your savings account is achieving more than 1.99% (your mortgage rate) then you are probably doing the right thing atm.
Lets hope so for our clients, family and friends sake. I'm hopeful that things will calm further in 2024 and that rates may drop even further in to the 3's. We shall see
A couple of lenders have actually dropped their rates this week for existing clients looking for a new deal... 2 and 3 year deals are generally being offered too. The rate is generally higher than the 5 year offering though.