Discussion
Dig out your calculator.
Fish around for guaranteed investments and see which one gives you the best return.
Given paying the mortgage down/off is in effect tax free earnings then its likely that it would be the best use of funds.
There isn't much yield elsewhere. You also then have an asset which is more or less inflation protected. (subject to short term fluctuations.. and being 20% overpriced historically)
Fish around for guaranteed investments and see which one gives you the best return.
Given paying the mortgage down/off is in effect tax free earnings then its likely that it would be the best use of funds.
There isn't much yield elsewhere. You also then have an asset which is more or less inflation protected. (subject to short term fluctuations.. and being 20% overpriced historically)
Edited by ringram on Friday 29th July 12:03
Legacywr said:
What should I do? Should I pay off my mortgage? Shares? Savings? Car?
Just checked your profile to see if you need a new carFirst I need to know what you haul in your van !
Balanced approach, always nice to have some reachable cash. Markets are in the toilet, most wait to get in when everyone made 18% last year. Mortgage, look at your P&I if you are near the end you may not save as much as you think !
Get the feeling you don't need our help, looking for concensus maybe.
Edited by jeff m on Friday 29th July 17:37
jeff m said:
Just checked your profile to see if you need a new car
First I need to know what you haul in your van !
Balanced approach, always nice to have some reachable cash. Markets are in the toilet, most wait to get in when everyone made 18% last year. Mortgage, look at your P&I if you are near the end you may not save as much as you think !
Get the feeling you don't need our help, looking for concensus maybe.
Parts for the aircraft industry mostly.First I need to know what you haul in your van !
Balanced approach, always nice to have some reachable cash. Markets are in the toilet, most wait to get in when everyone made 18% last year. Mortgage, look at your P&I if you are near the end you may not save as much as you think !
Get the feeling you don't need our help, looking for concensus maybe.
Edited by jeff m on Friday 29th July 17:37
I'm 15 years into a 25 year mortgage, but I am currently blacklisted credit wise!
Legacywr said:
I'm 15 years into a 25 year mortgage, but I am currently blacklisted credit wise!
Off topic a little re the 50K, but I would get your credit rating back up.One way to do this is to take out a couple of secured loans and pay then off.
Go to the bank tell them you want a 1,000 bank book secured loan.
Put 1,000 in an account, they put in 1,000 (the loan), they also put a 1,000 stop on the account. Pay back the loan at 250 a month. Once the loan is paid they remove the stop.
Repeat....
Now you have two paid up loans on your record, things will start to improve.
This exercise will cost you the difference between deposit int and loan int, fairly insignificant when you consider how it affects so many aspects of life. (now)
jeff m said:
Legacywr said:
I'm 15 years into a 25 year mortgage, but I am currently blacklisted credit wise!
Off topic a little re the 50K, but I would get your credit rating back up.One way to do this is to take out a couple of secured loans and pay then off.
Go to the bank tell them you want a 1,000 bank book secured loan.
Put 1,000 in an account, they put in 1,000 (the loan), they also put a 1,000 stop on the account. Pay back the loan at 250 a month. Once the loan is paid they remove the stop.
Repeat....
Now you have two paid up loans on your record, things will start to improve.
This exercise will cost you the difference between deposit int and loan int, fairly insignificant when you consider how it affects so many aspects of life. (now)
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