Some savings advice.......

[Fats25]

Not something I have really needed, as I have never had much money in savings before. I have been director of my own limited company for a few years now, and have decided to take a few weeks/months out to do some travelling, decorate my house, some professional training, and generally just take a bit of a break.

I have decided to liquidate the current company, as I have been made a verbal offer of an "open ended" permanent position from one of my contacts.

By the time HMRC have taken their piece, I will be left with approx 2 years funds, for what I need to run my current lifestyle. I would like to be back in work by August 1st, but in today's world - nothing is guaranteed, it may be after this, I may get bored, and it may be before this.

My current thoughts are to pay down 1 years salary off of my mortgage, which would get me from approx 80% LTV to 65% LTV, and do something else with the other years salary, knowing I need access to it for servicing my lifestyle until I get more work.

I would class myself as risk averse - I work bloody hard for my money, and not interested in Ponsi schemes etc !!

I was thinking an off-set mortgage, with a lower LTV than my current mortgage rate would be perfect, as my understanding is it offsets the current mortgage, so I will service more of the debt for the same monthly payments. I vaguely remember for a offset mortgage it has to have a guaranteed income into the account of £x per month, which I obviously will not have for next little while. Perhaps I need to be cute and pay from my current account into the mortgage account to look like a salary?

Does this make financial sense? Anything obvious I am missing here? Any recommendations of lenders with a good base rate for the mortgage for 65% LTV mortgages?

One thing to add - the Mrs still has a permanent salaried job and would be eligible for the 65% LTV mortgage value on her current annual salary.

Thanks in advance

Edited by Fats25 on Friday 29th March 19:32