Did the opposite. When I moved in 2007 I had paid off my previous house and went for a much larger one, but as I had an offset decided to max out my mortgage to multiplier but keep the money in the offset.
As interest rates dropped ISAs were higher so kept maxing them out including taking out a massive bond paying 5% in the wife's name. Eventually they dropped to 0.98% for me on 425k. I moved all of the equity and subsequent savings on interest into investment property including that house build & the rest into ISA the rest into topping up pension. Income from the mortgage money which I have invested is just shy of 6%.
I have no reason to overpay or pay off my mortgage until interest rates reverse and it's no longer profitable.
If I was you and you're paying 2% is to stick the overpayments in Zopa versus an Isa (unless you want a share ISA) as even after tax you'll end up making money.
As interest rates dropped ISAs were higher so kept maxing them out including taking out a massive bond paying 5% in the wife's name. Eventually they dropped to 0.98% for me on 425k. I moved all of the equity and subsequent savings on interest into investment property including that house build & the rest into ISA the rest into topping up pension. Income from the mortgage money which I have invested is just shy of 6%.
I have no reason to overpay or pay off my mortgage until interest rates reverse and it's no longer profitable.
If I was you and you're paying 2% is to stick the overpayments in Zopa versus an Isa (unless you want a share ISA) as even after tax you'll end up making money.
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