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Use tax savings cash for overpayments fund on mortgage?
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Spoodzilla
Posts: 4 Newbie
Hi,
I'm self employed and put away some of my earnings into a Cash ISA/ savings account ready to hand over to HMRC every July and January, then another chunk goes into a SIPP to minimize my 40% tax. I wondered if its possible to put this money into the overpayments fund on my mortgage and then withdraw it again when I need to pay a tax bill, so in some shape or form I am saving on my mortgage interest. Does anyone do this and does it work?
I'm self employed and put away some of my earnings into a Cash ISA/ savings account ready to hand over to HMRC every July and January, then another chunk goes into a SIPP to minimize my 40% tax. I wondered if its possible to put this money into the overpayments fund on my mortgage and then withdraw it again when I need to pay a tax bill, so in some shape or form I am saving on my mortgage interest. Does anyone do this and does it work?
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This could only work if you have offset mortgage.
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