Mortgage thoughts

[WTFH]

Our most recent mortgage was an offset tracker with Santander, but maybe they’ve stopped doing them.

[Andy2]

can someone explain what is a mortgage

[eek]

can someone explain what is a mortgage

+1 INKSPE (except in Switzerland where it's a tax dodgy).

[Whorty]

can someone explain what is a mortgage

It's what poor people who don't rent but 'own' their own home have. Ask your permie colleagues, they'll love walking through how much of their salary goes to servicing their mortgage

[Old Greg]

can someone explain what is a mortgage

When you get that rate increase to £12.50 ph, start saving the extra money. When you reach £10,000, we'll tell you.

[vetran]

Our most recent mortgage was an offset tracker with Santander, but maybe they’ve stopped doing them.

0.005% interest isn't enough to offset a mortgage?

[d000hg]

It's what poor people who don't rent but 'own' their own home have.

Or people who want a very cheap loan

[BlueSharp]

Out of interest for those who have paid off their mortgage, unless your house is very cheap at some point you must of been a higher rate tax payer to take the money out of myco. How does that work out cheaper then continue paying off a mortgage?

Unless you're of a certain age and have made overpayments, is the only other option I can think of.

[d000hg]

Well many contractors are older, experienced types who have been paying it off for years.

And of course, there are a lot of Walter Mitty types.

[Whorty]

Out of interest for those who have paid off their mortgage, unless your house is very cheap at some point you must of been a higher rate tax payer to take the money out of myco. How does that work out cheaper then continue paying off a mortgage?

Unless you're of a certain age and have made overpayments, is the only other option I can think of.

Depends on a number of things .... firstly £150k was the largest my mortgage ever became, and this was on a property of £375k I, as is common, took a small salary and topped up to c.£40k with divs (also dropping a lump into my pension each year via myco). My wife was salaried and earning just shy of 6 figures so she covered bills, hols, drugs and partying whilst my lump sum divs each year went straight to the mortgage. We cleared it in just over 3 years

Not that hard to do if you have no kids and wife/partner earns a decent salary too.