We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Use tax savings cash for overpayments fund on mortgage?
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?
0
Comments
-
This could only work if you have offset mortgage.
0
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.2K Banking & Borrowing
- 253.6K Reduce Debt & Boost Income
- 454.3K Spending & Discounts
- 245.3K Work, Benefits & Business
- 601K Mortgages, Homes & Bills
- 177.5K Life & Family
- 259.1K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards