Britain on track to beat budget forecast as revenues pick up

shortchanged_2

wotsthat wrote: »

If you're earning more interest on savings than paying in the mortgage it makes sense to keep the SDT as a debt and put the cash in savings instead.

With low borrowing rates I can't think of many good reasons to pay down debt. The psychological satisfaction of being debt free maybe but that's about it.

Stick around - this time next year you'll be a millionaire.

How long have we had very low mortgage interest rates exactly?

If I understand correctly, Monkey is a bit of an old timer.

wotsthat

shortchanged wrote: »

How long have we had very low mortgage interest rates exactly?

If I understand correctly, Monkey is a bit of an old timer.

Yes I think the poor chap is getting a bit long in the tooth.

However, knowing that he would be able to tell me his August 1974 mortgage payment after about 2 minutes research and judging by his long missives on the long term benefits of small compounded gains I'm guessing that he hasn't missed a trick. What do you reckon?

Loughton_Monkey

shortchanged wrote: »

So you're paying interest on your SDT as well.

Very MSE monkey.

As a matter of principle, I have always kept my mortgage up to a highish proportion of my salary. This has ensured maximum investment in property. This leveraged investment has served me very well. It's nothing that others can't do if they want.

shortchanged wrote: »

How long have we had very low mortgage interest rates exactly?

If I understand correctly, Monkey is a bit of an old timer.

I have had interest rates up to 15%. If, by "old timer" you mean 64, then I qualify. What that's got to do with putting stamp duty on the mortgage I don't know.

wotsthat wrote: »

Yes I think the poor chap is getting a bit long in the tooth.

However, knowing that he would be able to tell me his August 1974 mortgage payment after about 2 minutes research and judging by his long missives on the long term benefits of small compounded gains I'm guessing that he hasn't missed a trick. What do you reckon?

Trouble is, the teeth tend to fall out. I almost had to take out a mortgage on my teeth last year, with all the caps, and bridges needing replacing. So I cannot confirm being "long" in the tooth. But at least I can afford to keep them well maintained.

I have missed a few tricks, but not many. By the "simple" recipe of (a) managing my career, (b) never spending all my income, and (c) investing wisely, I ended up with a standard of living that was beyond my wildest dreams when I came out of University. And I accumulated enough to maintain that living after 34 years of working, at age 56. So I retired.

BTW, my mortgage payment August 1974 was £18.43, plus £9.98 for the accompanying Endowment policy.