Paying Off the Mortgage

[SouthRoute55]

My 2 year fixed term is coming to an end, I just have enough funds to pay it off. what's the best way to do this? If I withdraw the money from my company's account, them am going to be liable to paying 40% personal tax on it, which is quite steep. Any ideas?

[Moscow Mule]

My 2 year fixed term is coming to an end, I just have enough funds to pay it off. what's the best way to do this? If I withdraw the money from my company's account, them am going to be liable to paying 40% personal tax on it, which is quite steep. Any ideas?

Close the company down, using entrepreneurs relief (approx 10% tax).

Use an umbrella for 3 months, decide you don't like it, start another company.

[BrilloPad]

Why not just get divorced instead? Then you wont have to worry about paying it off for ages.

[NetworkNinja]

Why not just get divorced instead? Then you wont have to worry about paying it off for ages.

I think he's trying to save money ......

[BlasterBates]

My 2 year fixed term is coming to an end, I just have enough funds to pay it off. what's the best way to do this? If I withdraw the money from my company's account, them am going to be liable to paying 40% personal tax on it, which is quite steep. Any ideas?

Then don't 40% is a lot worse than 6% don't you think.

[HeliCraig]

My 2 year fixed term is coming to an end, I just have enough funds to pay it off. what's the best way to do this? If I withdraw the money from my company's account, them am going to be liable to paying 40% personal tax on it, which is quite steep. Any ideas?

I also seem to recall somewhere reading some advice that it was a good idea to leave a very small amount on the mortgage - say £100 - because then the mortgage firm will look after your deeds securely for you for no charge.

[Diver]

I also seem to recall somewhere reading some advice that it was a good idea to leave a very small amount on the mortgage - say £100 - because then the mortgage firm will look after your deeds securely for you for no charge.

Mortgage companies are returning the original deed to the Mortgage holders now, because the information is now kept on land registry DB and the deeds are no longer required by many lenders. Linky

But originals still require safe storage

[Archangel]

My 2 year fixed term is coming to an end, I just have enough funds to pay it off. what's the best way to do this? If I withdraw the money from my company's account, them am going to be liable to paying 40% personal tax on it, which is quite steep. Any ideas?

Withdraw enough to not attract 40% tax, pay this off the mortgage.

Rinse and repeat.

[DimPrawn]

Withdraw enough to not attract 40% tax, pay this off the mortgage.

Rinse and repeat.

Or put the money into a SIPP pension that grows at 6%. In this way, Gordon Brown actually gives you the 40% tax back.

Then at 55 yrs old, take a lump sum of 25% of you pension pot and pay of the mortgage with that.

[expat]

Or put the money into a SIPP pension that grows at 6%. In this way, Gordon Brown actually gives you the 40% tax back.

Then at 55 yrs old, take a lump sum of 25% of you pension pot and pay of the mortgage with that.

WHS.

<cough!> I mean, "Hear! Hear!"