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Corsa Sport » Message Board » Off Day » House Day » Where should I put my money - ISA or pay mortgage? » Post Reply
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Kerry |
posted on 8th Oct 08 at 22:54 |
One Account is a good mortgage choice :thumbs: | |
M2RTY |
posted on 7th Oct 08 at 19:14 |
quote: no, i get charged interest only, based on what money I owe them. So if i put in £435 a month I would be paying interest only as I am putting in £1000 a month, I am paying £565 off a month, plus £435 interest too. I could pay the full lot off tomorrow if I wanted with extra penelties, or pay interest only for 35 years | |
corsa120 |
posted on 7th Oct 08 at 18:41 |
so you have an interest only mortgage??? personally i would switch to repayment, so you dont have to find the money at the end and keep saving into an isa each month, thats what id do | |
M2RTY |
posted on 7th Oct 08 at 18:15 |
sorry thought i did lol, new to all this stuff lol | |
Robbo |
posted on 7th Oct 08 at 18:12 |
Oh its a One account, you should have said | |
M2RTY |
posted on 7th Oct 08 at 18:12 |
http://www.oneaccount.com/onev3/calculator/mortgage-shrinker-calculator.shtml | |
M2RTY |
posted on 7th Oct 08 at 18:10 |
Every day, any money in your One account doesn't just sit there; it automatically reduces your mortgage balance. | |
M2RTY |
posted on 7th Oct 08 at 18:09 |
quote: interest goes back up, simple as | |
M2RTY |
posted on 7th Oct 08 at 18:08 |
quote: yep, one account | |
RichR |
posted on 7th Oct 08 at 15:34 |
Have you got a "one account" type mortgage? | |
Robbo |
posted on 7th Oct 08 at 15:20 |
That doesnt make sense to me, you cant operate a mortgage like a bank account so there must be penalties or something for taking funds out again? | |
M2RTY |
posted on 7th Oct 08 at 15:14 |
but the money I am paying off is just sitting in an account where I can take it directly back out again (thus interest will go up again) - unlike an ISA where I can only put 3600 in once a year | |
Robbo |
posted on 7th Oct 08 at 11:56 |
Id agree with the above, keep some back but obviosuly from a purely financial sense, it is beeter to pay off as much of the mortgage a spossible | |
M2RTY |
posted on 7th Oct 08 at 11:51 |
ok 3600, nowhere near what I intend on putting away tho (12k) tho :( | |
RichR |
posted on 7th Oct 08 at 07:55 |
ISA allowance should be £3.6k now? | |
M2RTY |
posted on 6th Oct 08 at 16:16 |
Lee - money can come straight back out of the mortgage fund at any time, but I can only put in ISA once a year (3k) | |
Leighton |
posted on 6th Oct 08 at 16:08 |
pay off the mortgage and save the money on the interest there. | |
RichR |
posted on 6th Oct 08 at 12:39 |
I think that works out at finishing 14 years early and saves us £58,125.35 in the long run. | |
RichR |
posted on 6th Oct 08 at 12:34 |
50/50 split; keep £2500 back for anything which you may need the cash for, and put £2500 into the mortgage. | |
M2RTY |
posted on 6th Oct 08 at 12:13 |
I currently have an outstanding mortgage of £70500 on which I am paying 7.2% interest (was a very flexible deal, APR is a little high, but no fees to start, no fees to end, can overpay by anything and not incur charges etc). Works out £435 interest a month at the moment (only paid one month so far, this might differ slightly) |