Two new regular savers paying 5% APR

Gorgeous_George

jesthemagpie wrote: »

Hi, this is my first post so here goes:
I have 14 years left on my mortgage of 180K. I took it out 2 years ago on interest only. My question is, i now have more funds avaialble about £700 a month and I have £5000 saved. Where could i invest this money, long term to have enough to pay off the mortgage at the end of the 14 years?
Many thanks
Jes

Hi

You should really have started a new thread for this one.

You would need 5% after tax to reach £180K (saving £700 per month for 14 years with a £5K start).

What is your mortgage rate? If it is higher than the after tax savings rate you could pay £700 per month off your mortgage.

GG

MacsReturns

Two new regular savers paying 5% APR

Don't forget to read Martin's guide about regular savers. You will only realise a 2.5% gain on your saved sum with a regular saver because half of the money goes in during the last half of the term. They only have the 'fix' for a year, and really don't look that good, all considered. Best you can make on the Nottingham one is less than £20.

RayWolfe

No, you will realise 5% of the amount you invest for the time you invest it.

stilernin

MacsReturns wrote: »

Don't forget to read Martin's guide about regular savers. You will only realise a 2.5% gain on your saved sum with a regular saver because half of the money goes in during the last half of the term. They only have the 'fix' for a year, and really don't look that good, all considered. Best you can make on the Nottingham one is less than £20.

I understand that people are sometimes confused as to why they don't get 5% on the £3k (12x£250) they have saved, but as RayWolfe says, it is 5% for the time the money is in there.

I'm funding this account from a savings account giving 2.75% so I'm happy.

anamenottaken

Innys wrote: »

Filled out the form and rang the branch to arrange opening an account. Fortunately they were fully booked with meetings so they said I could drop the form off with a cheque, they would do the paperwork and post the details of the account to me.

Managed to save myself half an hour of being sold stuff I didn't want!

Assume you are an existing customer.
If not, you would not have met their rigid ID requirements.

(I went in today with full driving licence but not the photo version. Had photo ID in the form of a 60+ national bus pass. The two together were not acceptable. Also had held an account with them before but this was closed last year so could not be considered in identifying me because that was more than 3 months ago! Don't know if it is worth it to go out of my way, even for 5% before tax.)

Innys

anamenottaken wrote: »

Assume you are an existing customer.
If not, you would not have met their rigid ID requirements.

(I went in today with full driving licence but not the photo version. Had photo ID in the form of a 60+ national bus pass. The two together were not acceptable. Also had held an account with them before but this was closed last year so could not be considered in identifying me because that was more than 3 months ago! Don't know if it is worth it to go out of my way, even for 5% before tax.)

Erm.....no, I'm not an existing customer.

They copied my photo driving licence as my ID and that seemed to be enough for them.

anamenottaken

Innys wrote: »

Erm.....no, I'm not an existing customer.

They copied my photo driving licence as my ID and that seemed to be enough for them.

You didn't mention taking in your DL and waiting for them to copy it. You said you had saved time by just dropping off the completed application form with your cheque.

[I don't have a photo DL - because I qualified before they were introduced and haven't moved house since which is why mine wasn't acceptable to NR - though it has always been accepted by other places as far as I recall.]

ctdctd

anamenottaken wrote: »

Assume you are an existing customer.
If not, you would not have met their rigid ID requirements.

(I went in today with full driving licence but not the photo version. Had photo ID in the form of a 60+ national bus pass. The two together were not acceptable. Also had held an account with them before but this was closed last year so could not be considered in identifying me because that was more than 3 months ago! Don't know if it is worth it to go out of my way, even for 5% before tax.)

From their website, it seems you would have needed your non-photo driving licence + a utility bill or bank statement - that's the same as most banks and it's what I usually take.
http://www.northernrock.co.uk/downloads/faceToFaceID.pdf

PasturesNew

They don't even have a branch locator on their site. The one I found on money.co.uk is useless, when you type in towns that don't have a branch they just tell you there's no branch .. no clue which towns/counties they do exist in.

ctdctd

PasturesNew wrote: »

They don't even have a branch locator on their site. The one I found on money.co.uk is useless, when you type in towns that don't have a branch they just tell you there's no branch .. no clue which towns/counties they do exist in.

From the home page > Contact Us > Branch Finder
From there it's a map or a list of towns - no post code search

HTH