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Savings interest greater than mortgage interest - how?
LordJones_2
Posts: 2 Newbie
Once upon a time savings interest was paid out of the higher interest paid by borrowers. Now savings interest is greater than borrower interest. So where does the difference come from?
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Comments
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the taxpayer?
WN0 -
It's a very messed up system at the moment.0
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I currently have £50000 borrowed out of my offset mortgage which is at 2% and have it tucked up in a one year fixed savings at 5.48%net. The mortgage was at 4% when I took the gamble in late November. Dont know whose paying for the 3.48% interest I am earning but I'm not complaining!!0
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poppysarah wrote: »It's a very messed up system at the moment.
It certainly is! I'm currently paying 1.24% on my interest only tracker mortgage and have the same amount in a monthly income bond paying 4.5% with them. Offered to pay the mortgage off before taking out the bond. They wanted to charge me £500.00 for ending my tracker 9 months early. So now they pay me to have a mortgage with them. Total madness.:rotfl: :rotfl:0
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