Interest Rates - can someone explain what...

[Cyberman]

Doesn't really make me feel any better, though glad I'm not the only one!

I also took his advice on a company pension and am slinging as much of my money at it as I can. The pension pot probably has less in now than when I started just over 1 year ago but sooner there than the taxman's pocket.

By the way, this is the financial advisor that the PCG recommends!

Stop that pension and open a SIPP(self-invested personal pension) which have much lower charges and you can manage your own investments. You can transfer the balance of the failing pension into the SIPP. I have one with Hargreaves Lansdowne.

[expat]

Can anyone explain what I'm going to do with the minuscule amount of money I'm saving on my mortgage?

It's a 10-year mortgage, so interest was always less than half the repayment anyway. It's discounted, not tracker: that was all that was available to a contractor newly resident in the UK (I was lucky to get it: presumably now I'd be beyond the pale). So the interest rate hasn't dropped much anyway.

Oh I know: I'll put it towards my new enlarged electricity bill.

[wurzel]

Stop that pension and open a SIPP(self-invested personal pension) which have much lower charges and you can manage your own investments. You can transfer the balance of the failing pension into the SIPP. I have one with Hargreaves Lansdowne.

¿Does your Ltd company pay into that on your behalf?

[expat]

My fixed rate mortgage (4.75%) finished last June. What with all the doom and gloom that was going around this time last year I took the advice of a financial advisor and pre booked a new one in advance at a rate of 5.6% fixed for 3 years. The feeling at the time was that inflation was rocketing and interest rates would be going the same way.

Now I'm seriously p****d off!

I also took his advice on a company pension and am slinging as much of my money at it as I can. The pension pot probably has less in now than when I started just over 1 year ago but sooner there than the taxman's pocket.

By the way, this is the financial advisor that the PCG recommends!

How much of his take from your pocket is he giving back?

[Pickle2]

I'm going to do with the extra money I'm making on my BTL now that the mortgage on my 1% + 0.5 tracker is now actually costing less than half of the rent I'm charging?

Aw capitalism, don't you just love it?

Give the tax man half, and use the rest to offset some of your extra large capital losses.

[scooterscot]

How long does the tracker last?

Until the mortgage is paid off!!

I spoke to the abbey the other day on this. She told me to guard this product like it were hens teeth, offset tracker 0.5 above the base for the life of the mortgage.

[DimPrawn]

Until the mortgage is paid off!!

I spoke to the abbey the other day on this. She told me to guard this product like it were hens teeth, offset tracker 0.5 above the base for the life of the mortgage.

Then

and

and

HTH

[scooterscot]

Give the tax man half, and use the rest to offset some of your extra large capital losses.

Thanks for the advice but I think I'll give it a miss, like I told the ifa a year or so ago.

I've decided to put the other half (+ ) into the mortgage. Now we're paying twice the mortgage payment every month.

[chef]

Until the mortgage is paid off!!

I spoke to the abbey the other day on this. She told me to guard this product like it were hens teeth, offset tracker 0.5 above the base for the life of the mortgage.

can you explain to me exactly what "offset tracker mortgage 0.5% above base rate" actually means..

ok, i understand an offset mortgage compares the balance of savings against the balance of the mortgage owed (lets call this result balance due), but what about the 2nd part? is that you pay interest on the balance due of 0.5% above base rate (currently 1%) i.e you pay 1.5%? am I right in my calcs?

[KentPhilip]

I'm going to do with the extra money I'm making on my BTL now that the mortgage on my 1% + 0.5 tracker is now actually costing less than half of the rent I'm charging?

Aw capitalism, don't you just love it?

Yes please do buy up LOTS of new BTL flats. Then when you go bankrupt in 18 months they'll all flood onto the auction market and I'll be able to pick them up at pennies on the pound.