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[quote][i]Originally posted by Jules S[/i] [quote][i]Originally posted by Ian[/i] With regards tieing the money up, most lenders will offer the facility to borrow back. With mine I can arrange to extend it and they take a fee of £150. Done that in the past for the car, mortgage was ticking over nicely slightly overpaid but I was able to buy the car at 4% plus that fee on the day. Cheap loan and comparable in flexibility to having the money sitting there in a savings account, except that in the period prior to borrowing back, I was slightly better off because the mortgage was lower. With the completely flexible approach - ie. keeping hold of your money and doing a lump sum, your savings typically aren't earning as much as the interest on the debt, although if the difference is less than £150 you're still up. [Edited on 09-11-2011 by Ian] [/quote] Quite frankly, IME this is something that is a bloody nightmare. You know full well doing something about over payments is a good thing, but actually 'doing' it is a daunting prospect. It's a shame you cant reference previous posts while posting (cough - Ian) Having done the same, i certainly wouldn't be fixated on spending shed loads of disposable income on paying the mortgage of by the time you are 40. Kids invariably get in the way, and despite what Ian posted above IME I haven't found the banks (Santander) particularly great about re-lending you back the overpayment at an worthwhile rate. My situation is a bit complex, but doing it again I'd be looking at a mix of payment/overpayment/savings. If my understanding of Colins situation is correct, I'd be considering finding a rock steady woman with a house and renting mine out :lol: [/quote]
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