What is the best way for me to pay off my mortgage?

martinah_2

We have an interest only mortgage that was linked to our personal pension plan. We now want to start paying off the capital, which has been reducing as we have regularly been "overpaying" our monthly mortgage payments. We now have no early redemption penalties on our various mortgage accounts - all with Lloyds TSB / Cheltenham & Glouscester. However, we are not getting the best interest rate so need to look at changing to a mortgage that offers much better rates such as 4.5% or so. However, at age 44 should we be looking for best rates and overpaying by as much as £200 - 300 a month, or should we look at getting a repayment mortgage, or should we look at a one account type bank account? We run our own business and have variable income depending on how the company is performing. We still have the pension funds growing and the payments are always increased on an annual basis.

Faster_Loans

Hi Martinah,
You seem to have a few options. Being in business makes it more complicated to know your tax position. Obviously I do not expect you to discuss this online but you do need to consider this.
Regards,
Alex

martinah wrote:

We have an interest only mortgage that was linked to our personal pension plan. We now want to start paying off the capital, which has been reducing as we have regularly been "overpaying" our monthly mortgage payments. We now have no early redemption penalties on our various mortgage accounts - all with Lloyds TSB / Cheltenham & Glouscester. However, we are not getting the best interest rate so need to look at changing to a mortgage that offers much better rates such as 4.5% or so. However, at age 44 should we be looking for best rates and overpaying by as much as £200 - 300 a month, or should we look at getting a repayment mortgage, or should we look at a one account type bank account? We run our own business and have variable income depending on how the company is performing. We still have the pension funds growing and the payments are always increased on an annual basis.

MortgageMamma

Faster Loans

I suggest you change your signature as it is blatantly touting for business and against site rules. This has been reported to the forum moderators who will not doubt speak with you on this matter.