We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Mortgage Question
paulie_pudding
Posts: 3 Newbie
I have a RBS One Account where my current account is linked to my mortgage. Its quite good and its satisfying to see the balance offset against a large debt each month. I have a question though.
I am borrowing at present; 83% of my value of my house. I have £3000 in a business account but not paid my income tax for this year yet - (I probably owe the IRS about £2500.) Do I though try and bring my facility (currently £72250) down to £68000 which wouldn't normally happen til next March. I am at £69300 at present. Paying in £1300 now would reduce my interest on this balance by 0.1%. But my question is how much would this 0.1% equate to in 12 months and is it worth taking money out of my business as drawings?:j
I am borrowing at present; 83% of my value of my house. I have £3000 in a business account but not paid my income tax for this year yet - (I probably owe the IRS about £2500.) Do I though try and bring my facility (currently £72250) down to £68000 which wouldn't normally happen til next March. I am at £69300 at present. Paying in £1300 now would reduce my interest on this balance by 0.1%. But my question is how much would this 0.1% equate to in 12 months and is it worth taking money out of my business as drawings?:j
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.2K Banking & Borrowing
- 254.3K Reduce Debt & Boost Income
- 455.3K Spending & Discounts
- 247.1K Work, Benefits & Business
- 603.8K Mortgages, Homes & Bills
- 178.4K Life & Family
- 261.3K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards