Originally posted by ChimpMaster
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Reply to: Mortgage thoughts
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Previously on "Mortgage thoughts"
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Originally posted by GhostofTarbera View PostLondon 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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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
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Originally posted by Whorty View PostDepends 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.
What’s the point in a pension if Covid 19 will kill most oldies ?
Sent from my iPhone using Contractor UK Forum
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Originally posted by Whorty View PostDepends 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.
Didn't work out too well for my wife so we took another mortgage out.
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Originally posted by BlueSharp View PostOut 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.
Not that hard to do if you have no kids and wife/partner earns a decent salary too.
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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.
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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.
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Our most recent mortgage was an offset tracker with Santander, but maybe they’ve stopped doing them.
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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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