If I pay the most I can pay monthly on my mortgage...

AshleeG

Hi guys,

I'm currently paying (And have been since I got my mortgage) 10% capital on top of the standard monthly mortgage rate - the most I'm allowed to pay before I'm classed as paying over the threshold where it justifies the bank charging me a penalty. I'm doing it obviously to shorten the total period length of the mortgage.

My question is, despite working And bei g able to afford to do this, will this trigger a money laundering investigation on me?

[Deleted User]

Why do you believe it would? Do you have suspicious transactions elsewhere?

Niv

On the information you have provided : NO.

foxy-stoat

Any if they did what does it matter.....unless you ARE laundering money?

Assuming you are a tax payer and legitimately earn your own money you dont have anything to worry about.

Neutrinno

AshleeG wrote: »

Hi guys,

I'm currently paying (And have been since I got my mortgage) 10% capital on top of the standard monthly mortgage rate - the most I'm allowed to pay before I'm classed as paying over the threshold where it justifies the bank charging me a penalty. I'm doing it obviously to shorten the total period length of the mortgage.

My question is, despite working And bei g able to afford to do this, will this trigger a money laundering investigation on me?

No?.......

mcpitman

AshleeG wrote: »

Hi guys,

I'm currently paying (And have been since I got my mortgage) 10% capital on top of the standard monthly mortgage rate - the most I'm allowed to pay before I'm classed as paying over the threshold where it justifies the bank charging me a penalty. I'm doing it obviously to shorten the total period length of the mortgage.

My question is, despite working And bei g able to afford to do this, will this trigger a money laundering investigation on me?

No. Why would it?

AshleeG

I got told by a friend last week that paying the maximum amount permitted by the bank per month can trigger a money laundering investigation and so to have my earning records ready. My concern was I don't keep hold of my pay slips. It creates pointless mess in my home. So if I was likely to need earning records for HMRC, I better start looking into getting hold of records, that's all.

diggingdude

Is your money coming from Russia?

AnotherJoe

AshleeG wrote: »

I got told by a friend last week that paying the maximum amount permitted by the bank per month can trigger a money laundering investigation and so to have my earning records ready. .

Ridiculous. You coudl have a £700 a month mortgage and overpay an extra £100, or you could have an £800 and not overpay. Or a £700 mortgage and overpay £300 or a £700 and spend £300 on a car . Why would the former in each case trigger ML and not the latter. It's a ludicrous concern. .

AshleeG wrote: »

My concern was I don't keep hold of my pay slips. It creates pointless mess in my home. So if I was likely to need earning records for HMRC, I better start looking into getting hold of records, that's all.

Are you serious ? Even 5 years worth of payslips would be 60 sheets of paper, about an inch thick. . Do you not have space to file that ? If not, scan them into your computer . And then buy a bigger house.

getmore4less

I have every pay slip and p60 I have ever been given.
All will fit in a single box file(some of the early ones are weekly)

Room for 50 years worth and some.

dimbo61

Well done on overpaying the mortgage each month.
This will save you thousands of pounds over the term of a normal mortgage ( ie 25/30 years )
Others may say save the money into a pension and get the tax relief as well.
However being Mortgage free is a wonderful place to be and gives you options later in life.
We saved over £75,000 by overpaying and offsetting our first mortgage together
It is not easy and takes a Moneysavingexpert mindset on every penny you spend.
Look at offset mortgages when you come to remortgage.