A new kind of accelerated mortgage?
January 13, 2008 2:25 PM Subscribe
Does any one have or know about the new style of accelerated mortgage? The one where your house is paid for through a credit line and all of your earnings are held by the creditors. The creditors then provide you with an ATM card and checks for your expenses.
Does any one have or know about the new style of accelerated mortgage? Not the bi-weekly kind. I think it's called a "moneymerge". Your house is paid for through a credit line and all of your earnings are given over to the credit line itself. The creditors then provide you with an ATM card and checks for your expenses. Apparently these loans have existed in The U.K., Canada and Australia for some time. I was wondering if anyone reading this, has one and how much they like it. Also, if there any risks that exist with system that don't with a regular mortgage. I found 2 links that explain this method better than I can:
moneymergehome.com
moneymergeblogspot.com
Does any one have or know about the new style of accelerated mortgage? Not the bi-weekly kind. I think it's called a "moneymerge". Your house is paid for through a credit line and all of your earnings are given over to the credit line itself. The creditors then provide you with an ATM card and checks for your expenses. Apparently these loans have existed in The U.K., Canada and Australia for some time. I was wondering if anyone reading this, has one and how much they like it. Also, if there any risks that exist with system that don't with a regular mortgage. I found 2 links that explain this method better than I can:
moneymergehome.com
moneymergeblogspot.com
This post was deleted for the following reason: This looks an awful lot like spam. An awful lot. -- cortex
They're generally called "offset mortgages" - Motley Fool has some background info here.
To quote the linked article:
"Offset mortgages are clearly a good option for anyone with a hefty amount of cash stashed away. As a rule of thumb, to make a real difference you need around £10k in savings for every £100k mortgage debt. However, smaller amounts can make a real difference, too.
Offset mortgages can also be particularly good for people who are self-employed, or receive hefty annual bonuses. By putting money that's been set aside for tax purposes into an offset savings account, self-employed homeowners can benefit from their cash working against their mortgage debt. "
Plenty more info on Google about what they are, how they work, whether they're good, etc.
posted by Chunder at 2:41 PM on January 13, 2008
To quote the linked article:
"Offset mortgages are clearly a good option for anyone with a hefty amount of cash stashed away. As a rule of thumb, to make a real difference you need around £10k in savings for every £100k mortgage debt. However, smaller amounts can make a real difference, too.
Offset mortgages can also be particularly good for people who are self-employed, or receive hefty annual bonuses. By putting money that's been set aside for tax purposes into an offset savings account, self-employed homeowners can benefit from their cash working against their mortgage debt. "
Plenty more info on Google about what they are, how they work, whether they're good, etc.
posted by Chunder at 2:41 PM on January 13, 2008
This is our hero's one-and-only post ever on Metafilter.
posted by Steven C. Den Beste at 2:41 PM on January 13, 2008 [1 favorite]
posted by Steven C. Den Beste at 2:41 PM on January 13, 2008 [1 favorite]
Questionable.
I don't like anything about the site:
no toll free number
yahoo email addy
dodgy FAQ
I would say Nay!
posted by curlyelk at 2:46 PM on January 13, 2008
I don't like anything about the site:
no toll free number
yahoo email addy
dodgy FAQ
I would say Nay!
posted by curlyelk at 2:46 PM on January 13, 2008
This thread is closed to new comments.
posted by dirtynumbangelboy at 2:32 PM on January 13, 2008 [2 favorites]