Wellbeck group

[eek]

It's marketing spiel. What they will actually propose is you should switch to an interest only mortgage and put the repayment element of your old mortgage payment into a pension, thus not paying income tax on it. The income tax not paid to HMRC can later be put towards your mortgage principal. Under certain circumstances this can be more tax efficient overall than a normal repayment mortgage (they claim). Obviously they make some nice commission on arranging the new mortgage and pension for you.

So basically they use the 25% tax free lump sum part of your pension to pay the mortgage off.

Personally I want the mortgage paid off asap and not have to pay 4% interest year on year till I retire.

[Freamon]

Mortgage principal refers to any of the borrowed sum still outstanding i.e. not including any interest, fees etc.

Can't imagine why HMRC would be offering to help, but HMRC do a lot of things that I wouldn't of imagined...

It's marketing spiel. What they will actually propose is you should switch to an interest only mortgage and put the repayment element of your old mortgage payment into a pension, thus not paying income tax on it. The income tax not paid to HMRC can later be put towards your mortgage principal. Under certain circumstances this can be more tax efficient overall than a normal repayment mortgage (they claim). Obviously they make some nice commission on arranging the new mortgage and pension for you.

[warrenboon]

Mortgage principal

Mortgage principal refers to any of the borrowed sum still outstanding i.e. not including any interest, fees etc.

Can't imagine why HMRC would be offering to help, but HMRC do a lot of things that I wouldn't of imagined...

[vetran]

lets see if HMRC can find the worst offenders, why not raid their place of work in Westminster?

[MyUserName]

Oh, and I guess they mean Principal Private Residence (PPR) Exemption.

Which has been open to abuse (surprise, surprise!!) and HMRC are now clamping down on (but no-one is likely to tell you that...)

HMRC

Aha - I had a feeling that it was not complete bullshot but just half of the facts, thanks.

[cojak]

Oh, and I guess they mean Principal Private Residence (PPR) Exemption.

Which has been open to abuse (surprise, surprise!!) and HMRC are now clamping down on (but no-one is likely to tell you that...)

HMRC

[cojak]

Just a tip, 'Wealth Management' in any website doesn't mean yours...

[Paddy]

Would you like to buy my magic beans?

The trouble I had last time I bought some. Bloody city council health and safety moaning at the size of the legumes.

[northernladuk]

If it was by phone I would have a quick chat just for a giggle to be honest. I would however make the point of asking them to remove all my details from their system so they won't call me again. Two birds with one stone.

Tell us what they say if you do chat to them.

[MyUserName]

principal

HMRC have nothing to do with principles.

I am not really sure I understand what they might have to do with someone's mortgage principal either!

[TheFaQQer]

Anyone used these guys?

I just had a call where they told me that HMRC can pay off part of my mortgage princple for me (!) and inviting me in for a quick meeting and a run through my options.

Their website seems to be under contruction.

principal

HMRC have nothing to do with principles.

[MyUserName]

Would you like to buy my magic beans?

Is that a euphemism?

[b0redom]

Would you like to buy my magic beans?

[MyUserName]

Anyone used these guys?

I just had a call where they told me that HMRC can pay off part of my mortgage princple for me (!) and inviting me in for a quick meeting and a run through my options.

Their website seems to be under contruction.