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Mortgage Overcharge

DaveUK_3 · 2005-05-07 21:06:03

I am not too sure that this is the right Forum to post this on but here goes! In 1986 I took out a mortgage with the Chelsea Building Society. The Mortgage was an 'Interest only' mortgage the Advance was for £21900. The Interest rate at the time was 12% :confused: plus an additional 1.5% for the first 12 months making a…

Comments

lisyloo Posts: 30,094 Forumite

9 May 2005 at 8:52AM

This is a good idea because no tax will be due.

If you get interest and are a tax payer then you have to pay income tax.
If you save money instead by paying off debt, there is no tax to pay.

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