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ever been financialy stressed
ever been financialy stressed
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I,d move it to a 0.04% just put 2 fingers up to the Halifax,even dropped their fiver a month to 3 quid
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The only mail I get through the post nowadays are from the banks telling me how the TCs are continually changing (never for the better) and like you I have a series of isas that each year were taken out to mature all at the same time from around 5 years down to 1 and the last one I almost had to pay them to take the money ffs
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Anything less than 2% is effectively eroding with RTV, it is really tough shielding cash pots right now at no risk, never mind making interest.
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I've run a loan for some years now. 3 yr deal each time. Since the 'crash' the interest rates have plummetted.
A great positive from that time is the cost of borrowing. As a business owner it's pretty fantastic. Affordable credit gives me confidence. |
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Someone mentioned on here it would be better to overpay your mortgage, but beware.
I don't know whether it still applies but a lot of people were caught out by overpaying their mortgage in the past. It is not as simple as giving them £20000 and thinking that you will be paying interest only on the remainder, there are various rules so check before you do anything. And in some cases it might be better if you remortgaged elsewhere if you are on a standard variable rate. |
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Unless there are fees involved for overpayments then the only thing wrong with paying off a mortgage is if you can get a return greater than your mortgage rate, which is rare these days
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people say nah mine hasn't blah,blah. but most mortgages deffo those from 20,yrs ago have early redemption fees,no matter how low your rate its not in the lenders interest to let you pay off early,so theres a fee for it
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In the late 1980s a mate of mine told me he had bought some USD 1 Million face value stripped (no interest) 30 year bonds. Inflation was running over 15% at the time, and I told him he was mad. He is about to become a multi-millionaire.
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@pxb -- In the late 1980s a mate of mine told me he had bought some USD 1 Million face value stripped (no interest) 30 year bonds. Inflation was running over 15% at the time, and I told him he was mad. He is about to become a multi-millionaire.
So what is the deal here? Was this an inspired punt that inflation would fall? |
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including those thought of as rich ,footballers etc ,how many do you think could lay their hands on 2 grand if first they had to pay off all their unsecured debt credit,store cards,bank loans etc
Or Boris... Boris Becker, who made over $25 million as a tennis player, is declared bankrupt |
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Regarding overpaying a mortgage, any genuine bank will allow you to make a capital lump sum repayment without suffering a fee. Typically capped at 10% per year, but they can differ. Key is to reduce the term rather than repayments. It's a given that you should already be on a fixed rate.
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A fella I used to work with decided not to lend a £1,000 to a female friend in exchange for a share of the business she was starting up. Her name
Anita Ruddock  |
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The follow up to hat story was he saw her years later in a pub. He shouted across the pub "I've got that grand you want to borrow Anita" to which she replied laughing "Fxxk off"
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ufc,would have been a better story if anita roddick had asked him.
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or if Id known who she is.
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or was apparently.
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,
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Long,long time ago I was doing very nicely, thank you!
Then, a whole series of events rendered me so penniless, that I had to virtually beg for a fiver, from my understanding bank manager, to cover essential grocery shopping! That btw was equivalent to around £70.00 today!!! Fortunately in just a few months, it was all history! |
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So what is the deal here? Was this an inspired punt that inflation would fall?
I forgot to mention he paid about USD8k for each one. So, yes a punt on inflation falling. |
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dusty
married Neil |