Nearly one million face mortgage difficulty.

Crashy_Time

wotsthat wrote: »

I'm the same - I make a better return on my mortgage debt than the interest I pay on it. It'll be a sad day when this ends but I'll just pay it off.

So that's 3 out of the '12' so far.

Did you plan for the emergency interest rates, or did you just get lucky?

mayonnaise

Crashy_Time wrote: »

Did you plan for the emergency interest rates, or did you just get lucky?

Did you plan to live in rented nearing your 50's?

MJ12

mayonnaise wrote: »

Did you plan to live in rented nearing your 50's?

What's wrong with renting?

michaels

Crashy_Time wrote: »

Did you plan for the emergency interest rates, or did you just get lucky?

Historically market leading savings rates have exceeded market leading mortgage rates. Emergency interest rates have obviously helped as of course the interest received (ouside of ISAs) is taxable and can not be offset against the money paid out. I am lucky that DW has her full tax allowance to help with this, there is also the new 5k savings interest allowance as well due to kick in soon.

michaels

MJ12 wrote: »

What's wrong with renting?

Nothing...as long as you do it via a middle man who takes a cut (aka a landlord) rather than direct from the bank which is apparently financial suicide.

chucknorris

wotsthat wrote: »

I'm the same - I make a better return on my mortgage debt than the interest I pay on it. It'll be a sad day when this ends but I'll just pay it off.

So that's 3 out of the '12' so far.

This sounds like the scene from the magnificent 7 (ok 12) when they stand up to the bandit leader for the first time, with crashy playing the part of the bandit leader.

We deal in bricks and mortar! https://www.youtube.com/watch?v=9GE9P56tK4o


Make that 4, not that hard though, my average mortgage interest rate is only marginally over 1%.

gadgetmind

chucknorris wrote: »

my average interest rate is only marginally over 1%.

We've got a load of NS&I linkers, a fully stocked 123, and we're starting to sniff around other high (ha!) interest accounts. However, we can drop excess cash into our IO offset account, which is currently covering 50% of the mortgage. However, come next ISA season, I'll be pulling £30k out of there for our annual S&S ISA top ups.

Yes, I guess this does mean we're using gearing to make equity investments!

Thrugelmir

michaels wrote: »

Historically market leading savings rates have exceeded market leading mortgage rates.

Which period of time are you referring to?

As I'm struggling myself.

Thrugelmir

lisyloo wrote: »

They told me they were legally obliged.
Whether that's strictly true of whether that's their interpretation I'm not sure.
I can understand they are being dilligent, but from my point of view it's none of their business. If they had questions they should have asked them up front before agreeing to the contract.

The FCA asked them too. Lenders will take the view that people have been warned. They'll be no mis-selling scandal as a result.

Why people get so arsey when asked a straight forward question of fact is beyond me. Normally those that do get agitated are those most at risk.

chucknorris

Thrugelmir wrote: »

The FCA asked them too. Lenders will take the view that people have been warned. They'll be no mis-selling scandal as a result.

Why people get so arsey when asked a straight forward question of fact is beyond me. Normally those that do get agitated are those most at risk.

I must admit that I didn't like it when the money laundering regulations first came out, and when I was depositing £10k in the bank, and the bank teller asked me where I got it from. I didn't know why he was asking, until he answered my 'what's it got to do with you' comment with 'we have to ask now, it is part of the money laundering regulations'.