Deal gives couple a nice flat bonus.
They used the money they saved to buy a flat to rent out to young professionals.
The couple, who run a portrait photography business, switched from their conventional loan to the Woolwich's Open Plan a year ago.
Rob, 44, of Nottingham, says: "We built our own house five years ago and by last year it was worth a lot more than our mortgage. So with our new flexible deal we were able to draw down pounds 12,500 on the equity for a deposit on the flat and pounds 5,000 to do it up and furnish it.
"We see investing in property as a way of saving for our old age and it's a lot more creative than sticking money in a savings account." The couple have a pounds 120,000 mortgage which, at the Woolwich's current standard variable rate of 6.64 per cent, is costing them pounds 629 per month for their interest-only loan.
"We know we could be paying in extra and reducing our debt quicker but that's not why we took the mortgage," says Rob.
"In fact, because we are on the variable rate, which has been dropping recently, even after drawing down extra money we are still better off today than we were a year ago."
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|Publication:||The Mirror (London, England)|
|Date:||Mar 27, 1999|
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