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Clear interest only mortgage?
sherb1e
Posts: 48 Forumite
Morning all, I might be in a position soon to pay off my interest only mortgage, any advice would be appreciated.
All clear now of debts:beer:
Great support from this forum
Keep up the good work.:T
Small victories mean a great deal!
Great support from this forum
Keep up the good work.:T
Small victories mean a great deal!
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Comments
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Can you get more interest after tax from a savings account?illegitimi non carborundum0
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I don't know, I haven't thought about anything really, but I like the idea of getting rid of one big millstone and taking life a bit easier.All clear now of debts:beer:
Great support from this forum
Keep up the good work.:T
Small victories mean a great deal!0 -
Not enough information to offer any suggestions.
What is the mortgage rate?
What is the term?
Is the mortgage for your home or a BTL?
Can you claim tax against the interest (BTL)?In case you hadn't already worked it out - the entire global financial system is predicated on the assumption that you're an idiot:cool:0 -
Pay it off and stop worrying about it.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
It's for my home, got 11years to go I'm an ignoramus about the rate, and I'd like to be totally debt free.:-)All clear now of debts:beer:
Great support from this forum
Keep up the good work.:T
Small victories mean a great deal!0 -
It's for my home, got 11years to go I'm an ignoramus about the rate, and I'd like to be totally debt free.:-)
Until we know the rate no one is in a position to offer any suggestions????In case you hadn't already worked it out - the entire global financial system is predicated on the assumption that you're an idiot:cool:0 -
From your signature the DMP should be your priority.0
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The Dmp will go also asapAll clear now of debts:beer:
Great support from this forum
Keep up the good work.:T
Small victories mean a great deal!0 -
It is not only about the interest rate, but also the value which the flexibility of not paying it off gives you.
My savings are earning more than my IO mortgage rate, but even if they were not, having the cash in the bank (provided you are disciplined) gives more flexibility. it also means keeping the existing mortgage credit line open in case you ever need it in future. Eg if I wanted to move to a bigger house, I could transfer the great rate across. I would have to apply for a new mortgage if I had payed it off.0 -
What do you want advice on?
You say you want the debt gone and you may have the money to clear it... once the money is in your account, call your lender and ask how they would like it paying off and a redemption figure.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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