Reply to: Mortgage thoughts

[Whorty]

Only Cams?

Didn't work out too well for my wife so we took another mortgage out.

"Only Cams"?

[Whorty]

London you could get a shed for £375K is it up north somewhere ?

What’s the point in a pension if Covid 19 will kill most oldies ?


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London, but almost 20 years ago. It was a very nice shed, felt on the roof and everything

Thankfully I'm not an oldie eh And even if I do cark it, that's still less money going to the government in taxes so still a win

[GhostofTarbera]

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.

London you could get a shed for £375K is it up north somewhere ?

What’s the point in a pension if Covid 19 will kill most oldies ?


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[ChimpMaster]

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.

Only Cams?

Didn't work out too well for my wife so we took another mortgage out.

[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.

[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.

[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]

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

Or people who want a very cheap loan

[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?

[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.

[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

[eek]

can someone explain what is a mortgage

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

[Andy2]

can someone explain what is a mortgage

[WTFH]

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

[d000hg]

I've liked the idea of offset mortgages in the past but never found one that was worth it when trackers let you make unlimited offer payments. Our IFA had some misgivings but I'm not sure what they were as it was a few years ago!

Anyway, were not in a position to easily leave our lender - Santander - due to current situation starting a new business. Luckily they have decent deals but they don't appear to offer an offset.

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