Just paid off our mortgage



Frijj said:
£2k a month spare to stick on the mortgage.

Wants poorer people to pay more tax so he can pay less.

****.
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I knew you’d be all over this :lol:

I’m being responsible. If I die I don’t want my kids or wife to be homeless or a burden on the state. Hopefully I can give them security.

And I don’t want to pay less in tax at the expense of others.
 
tunstallhill said:
What is seen as good LTV %? I currently owe about 60% of the value of the house but I'm overpaying massively each month should have it down to 50% by end of 2020. I'm on 4.4% should I be looking at a better deal? I was worried that they would restrict my over payments
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That rate is ridiculously high at 60% ltv. You'll probably drop the rate by more than half when the fixed rate is up.

Unless you're on the standard variable currently?
 
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Frijj said:
Hopefully.

You’re still a selfish **** though. I’m sure they can sell off one of the three(?) houses you own.
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I’m sure they could. But then one of my tenants would be taken advantage of by an unscrupulous landlord.

You see for all you think I’m selfish, I actually rent out ‘at cost’ as I don’t believe in fleecing people. My tenants are in property less than 10 years old and paying around the same as they would on a regular 90% mortgage.

And significantly less than other renters on the same estate.
 
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SeahamMackem said:
That rate is ridiculously high at 60% ltv. You'll probably drop the rate by more than half when the fixed rate is up.

Unless you're on the standard variable now?
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yeah should have said that i am on the variable now, the deal ran out last year, but the new deal would only allow maximum 10% over payment per year and i wanted to pay more than that this year and next year so i just went onto the standard deal.
 
tunstallhill said:
yeah should have said that i am on the variable now, the deal ran out last year, but the new deal would only allow maximum 10% over payment per year and i wanted to pay more than that this year and next year so i just went onto the standard deal.
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You could go on to a tracker rate, which has no early repayment charges, or Coventry Building Society even have a fixed rate with none. The trackers are usually a similar rate to a 2 year fixed these days and Coventry's flex fixed products are still very competitive.

Madness staying on the SVR.
 
Metalmicky said:
Me and the girlfriend are both free of mortgages. I paid off mine 10 years ago and she got rid of her's about 3 years ago after I convinced her to overpay on her mortgage. When we got together she was paying about 4% interest on her mortgage and paying the minimum back to the bank - she also had a very expensive shoe habit. Luckily she is on a good whack and managed to clear her mortgage - which had about 15 years to run - in about 6 years - whilst living in my house rent free and letting out her own house. She still rents it out for £800pm, so we use that money for holidays...

By contrast, my next door neighbour and his wife have been paying their mortgage for about 25 years - I doubt he has changed (or looked) at the rate he pays and will probably have paid for his house twice or three times over by the time he finishes paying it off...
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What makes you guess all of this ?
 
SeahamMackem said:
You could go on to a tracker rate, which has no early repayment charges, or Coventry Building Society even have a fixed rate with none. The trackers are usually a similar rate to a 2 year fixed these days and Coventry's flex fixed products are still very competitive.

Madness staying on the SVR.
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whats the difference between SVR and a tracker? excuse my ignorance i thought they were the same thing
 
EDGE said:
You can have the paper ones as they are recorded electronically. Make very interesting reading especially if the property is old.
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Ours is late 1890s in a conservation area so they should be quite interesting. I think you can request a copy for something like £10-£15? Might be worth a look.
 
tunstallhill said:
whats the difference between SVR and a tracker? excuse my ignorance i thought they were the same thing
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No worries. The standard variable rate is the bank's own rate, which you automatically revert to if you let your product expire. This tends to track the Bank of England base rate, but doesn't have to. It's also usually a crap rate.

A tracker is tied to the BOE base rate, so may sit 1% above base rate at all times. The important thing is it's far more competitive than the standard variable and mainly used by people such as your self, looking to overpay quite heavily.

Send me a PM if you'd like and I can check some rate to give you an idea what I mean.
 
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Brian Griffin said:
I’m sure they could. But then one of my tenants would be taken advantage of by an unscrupulous landlord.

You see for all you think I’m selfish, I actually rent out ‘at cost’ as I don’t believe in fleecing people. My tenants are in property less than 10 years old and paying around the same as they would on a regular 90% mortgage.

And significantly less than other renters on the same estate.
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I don’t think you’re selfish for having several properties, I think you’re selfish for thinking you pay too much tax and those poorer than you pay too little.
 
tunstallhill said:
What is seen as good LTV %? I currently owe about 60% of the value of the house but I'm overpaying massively each month should have it down to 50% by end of 2020. I'm on 4.4% should I be looking at a better deal? I was worried that they would restrict my over payments
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4.4? Fuck me I'm on 1.57
 
Frijj said:
I don’t think you’re selfish for having several properties, I think you’re selfish for thinking you pay too much tax and those poorer than you pay too little.
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I don’t think I pay too much.

I do think there’s something wrong when employment is high yet adults paying income tax is at its lowest. But that’s for another thread.
 
Brian Griffin said:
I don’t think I pay too much.

I do think there’s something wrong when employment is high yet adults paying income tax is at its lowest. But that’s for another thread.
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Happy to call you out for being the horrible selfish person you are on any thread.

End of the day, you want to reduce your tax, and double it for the poorest.
 

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