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I’m fortunate that I could technically pay a fairly large mortgage (probably around 4K/month), and still have some pocket money. But- the prospect terrifies me, as there’s no way I could save enough at the same time to have a decent cushion in case I lost my job.
That's exactly the case for an offset mortgage.
(Well, it depends on how much you have beyond that £4k/month. If you're right on the limit then you're not going to be putting much else into the savings part of the offset, it's going to be all repayment. An interest-only offset would be ideal but probably hard to come by at those levels.)
Greenbank
Right, but what happens if one of the people lose their job? The remaining salary might cover the mortgage but maybe not.
I’m fortunate that I could technically pay a fairly large mortgage (probably around 4K/month), and still have some pocket money. But- the prospect terrifies me, as there’s no way I could save enough at the same time to have a decent cushion in case I lost my job.
I could of course simply count on always being employed with no gaps- but I don’t think that’s realistic these days.
Maybe I should roll the dice and YOLO, but the prospect makes me uncomfortable.