# Fulltimer? no mortgage ? 1 phone call make 100s



## hogan (Apr 10, 2008)

Saw a prog on chan 4 or 5 last night called "it pays to watch" its all about how to save money.One item that caught my eye was that if you have payed off your mortgage early you would have been charged for the privilege   
Heres the good bit, a new law has been passed that says all these charges must be payed back plus interest, all you have to do is ring your old mortgage company with your details and they will send you a cheque. 
So this morning I gave it a go , after a 3 min telephone call I was told a cheque would be in the post within the next 7 days. 
Job done


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## sundown (Apr 10, 2008)

Ive always been under the impression that its not 
advisable to pay of your mortgage early
if you have the cash, its better to invest it elswhere 
and keep your mortgage going
as the rate of interest earned 
can be higher than the rate of interest paid on your mortgage
and you would also avoid early repayment penalties 
I think I was told this by an accountant, many years ago


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## lenny (Apr 10, 2008)

Good advice,Nick, I'm more swayed to the idea of a "lifetime mortgage"(when I'm old enough) properly managed, of course.
This way you take out a large chunk of equity and it is not repayed till you both kick it, with the accumulated interested of course.
Trouble is ,it puts a big dent in the bairns inheritance..Tough


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## Nosha (Apr 10, 2008)

Sorry Sundown but in todays ecomonic climate you are now wrong, putting it simply mortgage rates are higher than interest savings rate therefore you will pay out more than you will save.

What used to make the difference was the tax relief on your mortgage, but now that's been removed.... forget it!

I will be interested to seen when todays 0.25% rate drop takes effect?? I bet my savings will go down BEFORE your mortgage!!!!!!!!!!


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## Hazy-thoughts (Apr 10, 2008)

Nosha said:


> Sorry Sundown but in todays ecomonic climate you are now wrong, putting it simply mortgage rates are higher than interest savings rate therefore you will pay out more than you will save.
> 
> What used to make the difference was the tax relief on your mortgage, but now that's been removed.... forget it!
> 
> *I will be interested to seen when todays 0.25% rate drop takes effect?? I bet my savings will go down BEFORE your mortgage!!!!!!!!!!*




It appears that Nationwide have decided to increase their rates.

Now financial guru I dont profess to be but how the hell does that happen then


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## Deleted member 2636 (Apr 11, 2008)

The day that you pay off your mortgage, your Building Society will hate you. They will try all sorts of tricks to offer you loans etc. Anything so that they can keep in your wallet.
The same applies to the Banks
I sold a house and wanted to move the money from one account to another place. Barclays wanted to charge me for an electronic transfer of funds. In the meantime, the manager had been alerted and came scuttling out asking if there was anything more that they could do for me.
My reply was that he had always been too busy to see me when I wanted an appointment and that I was too busy now. I hope that he enjoyed explaining to his area manager why he had not managed to hold onto that amount 
They are all leeches and I hate them all

Now I feel a lot better


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## sprokit (Apr 11, 2008)

hogan said:


> Saw a prog on chan 4 or 5 last night called "it pays to watch" its all about how to save money.One item that caught my eye was that if you have payed off your mortgage early you would have been charged for the privilege
> Heres the good bit, a new law has been passed that says all these charges must be payed back plus interest, all you have to do is ring your old mortgage company with your details and they will send you a cheque.
> So this morning I gave it a go , after a 3 min telephone call I was told a cheque would be in the post within the next 7 days.
> Job done



check out their web site       http://forums.moneysavingexpert.com/
unlike you we still have a mortgage and pay community charge(poll tax) which it turns out we have been overpaying since 1993.........just got a very nice cheque back by following the advice on the web site


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## Rover (Apr 11, 2008)

Sprokit, I recon Martin lewis's money expert is one of the most useful sites on the web, sign up for his free weekly newsletter it has saved us so much over the last few months. I agree well worth having a look at.


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## sprokit (Apr 11, 2008)

Rover said:


> Sprokit, I recon Martin lewis's money expert is one of the most useful sites on the web, sign up for his free weekly newsletter it has saved us so much over the last few months. I agree well worth having a look at.



have to agree - between his site and Quidco we have managed to save and learn a lot over the last year or so....wish this info had been widely available years ago - might have been able to be retired by now!


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## Topic and Wanderer (Apr 11, 2008)

Nosha said:


> Sorry Sundown but in todays ecomonic climate you are now wrong, putting it simply mortgage rates are higher than interest savings rate therefore you will pay out more than you will save.
> 
> What used to make the difference was the tax relief on your mortgage, but now that's been removed.... forget it!
> 
> I will be interested to seen when todays 0.25% rate drop takes effect?? I bet my savings will go down BEFORE your mortgage!!!!!!!!!!



Agree with you on this one Nosha. We were told exactly that a few years ago by very good financial advisor. Pay off mortgage 1st. It's a hugh weight off the shoulders as well!!


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## chigman (Apr 14, 2008)

Hi all

I tell you what...I paid off my mortgage when I had the chance,and I feel much better for it.I still let off a rye smile when the time of the month comes around when we used to pay the mortgage.

TIP  If you get the chance,pay it off,you wont regret it.

steve


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## David & Ann (Apr 14, 2008)

I agree Steve. It gives me a feeling of Freedom, knowing my deeds are with my Lawyer and not the bank. I will still be following Hogan's advice and see if I can get a rebate for having paid my Mortgage early. Worth a try.


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## t&s (Apr 20, 2008)

Rover said:


> Sprokit, I recon Martin lewis's money expert is one of the most useful sites on the web, sign up for his free weekly newsletter it has saved us so much over the last few months. I agree well worth having a look at.



cant agree more i have netted over £14 k on miss sold endowments early repaid mortgage but afriad no bank charges to re claim but ile keep looking 
for something else i have followed martin lewis for the last 15 years or so i think  he was on sky years ago i think the money channel but high profile institutions refused to advertise on sky till he was taken off
well done BBC for acomodating him now 
after all he is only guiding us to our rights
the government are always saying enormous ammounts of benifits go un claimed ,,,the reason is they dont tell us they exist but martin is trying to inform us ,,shame the government cant just send out leaflets to everyone 
it cant cost much ,,they seem to think everyone has acces to the net and 
understands where to look if they know how


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