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Community Credit Schemes?


Distinguished Member
Anyone here know much about these community\group credit schemes.

I have a £130K mortgage which is tracking at base + 1%, so I'm paying 1.5% interest.

Well I would be apart from the fact that it is an offset account. I have paid off a lot of the mortgage, have about £25K left and have a lot more savings than this so I'm not paying any interest at all.

The way the account works, I can increase my loan upto the original £130K at the touch of a button - so great if I wanted to buy a car for example.

Would also be great if my children were ready to start University because I could fund this cheaper than a student loan. But that is 3 and 7 years off, so I expect the situation will have changed by then.

So it strikes me that I have

a) a load of savings earning very little interest
b) the potentional to take out an additional £100K at 1.5%

I've never been particularly adventurous nor savvy with investments so was wondering if anyone here has any (sensible) ideas of how I could make my money do some more work.

My wife and I both have full Cash ISAs which have been running for 4 years or so.

We don't feel comfortable investing in shares or precious metals.

How do these community\group credit schemes work?
Are they safe?
Is the money tied up for a long time?



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