How to be mortgage free after 8 years

Jays

bumpity bump

oops, no need to bump a 'sticky', it stays at the top

any answers please ?

Martinslovechild

Jays wrote:

Is an endowment return taxable?

I don't know, so will watch the replies with interest as we expect two underperforming endowments to pay out after we finish repaying our mortgage early.

Jays

My understanding is that providing that you have owned the endowment for either a) 10 years or more, or b) three quarters of the life of the endowment or more (if less than 10 years), then there is no tax to pay.

In other words, if you sell an 12 year endowment after 7 years (rather than 9, or three quarters), then there is a tax liability.

Jays

Thank you Martinslovechild

That's great, we've had the endowments from the start of the policy so no tax for us, but they have underperformed (boo).

We were luckier with our first (taken out in 1980) which paid out 32K for an 15K target! Was begining to wonder if we should have paid tax on it :eek:

Anyhow, many thanks for your answer,
Jays :beer:

CaptainSensible

Thanks to Martinslovechild and sorry to scare you Jays. I'm off to have a bit of a restructure. Lower interest and no tax , that's great news :T

Cheers :beer:

halloweenqueen_2

Disappointed as I didn't get my monthly mortgage statement today with all my little overpayments on it!!

Miss_Penny_Pincher_2

HQ maybe you will get it tomorrow? I wonder if I will get one? I can imagine that is an even bigger motivator!

comping_cat

I only get a mortgage statement every 4 months, but its nice to see my balance change so much!!!

gallygirl

Just made OP on mortgage and brought date forward to Dec 15! BIG psychological boost to see year change (even though will be temp as have new oven to buy so will be coming back out of offset savings at some stage).

Already OP £100 each month, will have some spare money this year, approx £400 a month, will be chucking that at it as want to pay off by Aug 2011. (linked to V Significant birthday, will need something to cheer me up if not in a chair drooling by then:eek: )

halloweenqueen_2

It just goes to show what this site does to you, I'm wainting for the postman like its my birthday!! Why?!!? I still owe lots of money on the darn thing!!!!!!!

Thefunkygibbons

I only get mine once a year, but I think I bumped this thread about 6 pages back when I did

I now have knocked up a simple spreadsheet that gives me a monthly approximation so I can see where it is going