Mounts Kipper Posted January 13, 2017 Share Posted January 13, 2017 I have to agree with your pensions man and it's exactly what i do now, where else could you get a return like that? You can put in a maximum of £40k pa as long as you are left with the minimum wage. Here's a first I agree with you ST. Been a long time coming.???? Quote Link to comment Share on other sites More sharing options...
Salford Trotter Posted January 13, 2017 Share Posted January 13, 2017 Yes, the Mrs does work I don't disagree with my advisor, it does make sense. However, whilst I still owe over £100K on the house, I'd much rather get that down, especially as I might not even reach pension age. I should have it all paid off well before I'm 50, then I can start chucking into my pension....or that's the plan. Being mortgage free by 50 has always been my aim. That makes a lot of sense Quote Link to comment Share on other sites More sharing options...
Salford Trotter Posted January 13, 2017 Share Posted January 13, 2017 Here's a first I agree with you ST. Been a long time coming.????Haha..i thought i'd never see the day. I can die happy now Quote Link to comment Share on other sites More sharing options...
Site Supporter Tonge moor green jacket Posted January 13, 2017 Site Supporter Share Posted January 13, 2017 Haha..i thought i'd never see the day. I can die happy nowone way of paying your mortgage off. Quote Link to comment Share on other sites More sharing options...
Salford Trotter Posted January 13, 2017 Share Posted January 13, 2017 one way of paying your mortgage off.I agree but you normally can't get hold of your tax free element until 55 Quote Link to comment Share on other sites More sharing options...
Site Supporter Tonge moor green jacket Posted January 13, 2017 Site Supporter Share Posted January 13, 2017 I agree but you normally can't get hold of your tax free element until 55 I meant dying happy! But your way also works. Quote Link to comment Share on other sites More sharing options...
bgoefc Posted January 13, 2017 Share Posted January 13, 2017 I'm sure it does. I had a meeting with our pensions bloke the other day, he told me to pay as little as I can on my mortgage, and shove as much as I can into my pension (as I get 40% tax relief) - on paper, what he was saying made sense......but I told him to fuck off, as I'd rather get my mortgage down as soon as possible. He thought that I was nuts He does have a point at todays very low interest rates, but I agree, the psychological comfort of being debt free is very nice. Ploughing money into my pension was the only other wise thing I did. I kept paying AVC's even though I had a 1/50th final salary pension scheme, and did so for donkeys years. Getting access to the AVC's it when the rules changed was another bonus. Quote Link to comment Share on other sites More sharing options...
Salford Trotter Posted January 13, 2017 Share Posted January 13, 2017 I meant dying happy! But your way also works. Duh???? Quote Link to comment Share on other sites More sharing options...
gonzo Posted January 13, 2017 Share Posted January 13, 2017 I'm 13 months in to mine. That's a lot of days like today to go Quote Link to comment Share on other sites More sharing options...
freds dad Posted January 13, 2017 Share Posted January 13, 2017 We became mortgage free about 2 years ago. We have to decide whether we stay were we are, large 4 bed house or buy a cottage in the country with some land. Quote Link to comment Share on other sites More sharing options...
Site Supporter Winchester White Posted January 13, 2017 Author Site Supporter Share Posted January 13, 2017 21 years left to go on mine. That means unless I pay in more I will be 59 when I finish. Not great but as the years go by then inflation and house prices might mean I can get that down. It is the credit cards that I haven't spent on for years that need to fuck off more than the mortgage! Quote Link to comment Share on other sites More sharing options...
gonzo Posted January 13, 2017 Share Posted January 13, 2017 We became mortgage free about 2 years ago. We have to decide whether we stay were we are, large 4 bed house or buy a cottage in the country with some land. I keep pestering my parents to sell their bungalow and move to their holiday home at claylands. They'd have £180k+ to do what the fuck they like with. Quote Link to comment Share on other sites More sharing options...
Site Supporter Tonge moor green jacket Posted January 13, 2017 Site Supporter Share Posted January 13, 2017 I keep pestering my parents to sell their bungalow and move to their holiday home at claylands. They'd have £180k+ to do what the fuck they like with. Wife's aunt lives in a huge gaff in horley. She lived there with her dad (wife's grandad) and when he passed away he put the inheritance for his three children into a trust, with her aunt allowed to live there. If she sells up and moves then the money is split three ways. A good few years ago he was offered half a million an acre; he had ten acres. Turned it down as he loved the place!. Its perhaps not worth as much now, but if it was sold then her mum, aunt and uncle could all be millionaires overnight! Quote Link to comment Share on other sites More sharing options...
Jol_BWFC Posted January 13, 2017 Share Posted January 13, 2017 Went for a 2 year fixed in the summer, as I couldn't see the rates moving too much by 2018 (that was before the US election, mind). They were offering 0.99% at the time, so I couldn't turn it down. Quote Link to comment Share on other sites More sharing options...
Site Supporter Winchester White Posted January 13, 2017 Author Site Supporter Share Posted January 13, 2017 Rates are so low it is no wonder house prices continue to climb. Yes it is harder to get a mortgage these days but the rates are so low it is silly. Give it a few years when rates rise no fucker will be able to make their first step on the ladder. Quote Link to comment Share on other sites More sharing options...
tarian1979 Posted January 13, 2017 Share Posted January 13, 2017 (edited) About 15 years left. Overpaying so be fine in 12 ish but want move to a bigger one so reality is prob be 17/18. Happy if paid off by 55. Save then pre retirement. Sell up buy house abroad then (and maybe a small two bed terrace here). Doesnt always go to plan though does life so let's see as we go along Edited January 13, 2017 by tarian1979 Quote Link to comment Share on other sites More sharing options...
Blondi Posted January 13, 2017 Share Posted January 13, 2017 (edited) Mortgages have always confused me, I remember about 15 years ago, we decided to fix our mortgage rate for 5 years, but interest rates plummeted and we were miles worse off. I guess its pot luck though, if I was looking at a fixed rate, I certainly wouldn't go longer than a 2 year fixed. I've been looking online to see if I can get a better deal than our current one, I think ours is just a bog standard rate with Lloyds (C&G) we have a mortgage of 90K currently and we're paying £409.00 a month, which seems pretty good, I can't get much better, so may as well stay put. Edited January 13, 2017 by Blondi Quote Link to comment Share on other sites More sharing options...
Boby Brno Posted January 13, 2017 Share Posted January 13, 2017 When we moved into our current house 27 years ago, interest rates were 12% and jumped to 15% whithin 6 months! Quote Link to comment Share on other sites More sharing options...
Site Supporter Tonge moor green jacket Posted January 13, 2017 Site Supporter Share Posted January 13, 2017 When we moved into our current house 27 years ago, interest rates were 12% and jumped to 15% whithin 6 months! Its amazing. An old boss told me how, in the seventies, during a period of massive inflation and wage rises, he managed to pay off his mortgage in just a few years. Quote Link to comment Share on other sites More sharing options...
gonzo Posted January 13, 2017 Share Posted January 13, 2017 You can still buy houses in Burnley for £50k Quote Link to comment Share on other sites More sharing options...
Blondi Posted January 13, 2017 Share Posted January 13, 2017 (edited) You can still buy houses in Burnley for £50k And then you rent it out to 6 Romanian's charging them £50.00 each a week. ££££ Edited January 13, 2017 by Blondi Quote Link to comment Share on other sites More sharing options...
Boby Brno Posted January 13, 2017 Share Posted January 13, 2017 Its amazing. An old boss told me how, in the seventies, during a period of massive inflation and wage rises, he managed to pay off his mortgage in just a few years.In the 70's inflation and wage increases were generally in the mid to late teens. Interest rates averaged around 8%House prices increased around 10 to 15% They were crazy times economically and I hope we never experience it again. Quote Link to comment Share on other sites More sharing options...
Site Supporter Winchester White Posted January 13, 2017 Author Site Supporter Share Posted January 13, 2017 You can still buy houses in Burnley for £50k There is a fucking good reason for that. I know someone who bought one there for a BTL, he has had nothing but grief and no fucker wants to live there as it is, shall we say, in the wrong area now. Some nice well built houses left to rot, the place is fucking grim Quote Link to comment Share on other sites More sharing options...
captainmed Posted January 13, 2017 Share Posted January 13, 2017 (edited) FA know nothing and you pay for their advice. The FTSE is at a record high and nobody, but nobody saw it coming - 12 days of rises. Interest rates can only rise, how soon who knows? Edited January 13, 2017 by captainmed Quote Link to comment Share on other sites More sharing options...
Site Supporter MickyD Posted January 13, 2017 Site Supporter Share Posted January 13, 2017 Got about 9k left on ours Might pay most of it off, just to be mortgage free It was the first thing I did when I retired. The money it cost me would never have made what I've saved in interest by no longer having a mortgage. If you can afford it, get it paid off. Quote Link to comment Share on other sites More sharing options...
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