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P4 CMA | I have recently come into 20k and have 37k mortgage - do i pay this to reduce the payments? |
I work 30 hrs and have 2 children, my mortgage is £415 per month with 9 yrs left, I claim a widows/carers allowance hence the 20k inheritance, and get £20 pm Tax credits, the problem i am facing is what to do with the money, my earnings are just over 25k with which I appear to be paying a hefty amount tax each month, but I believe its to do with the widows allowance. If I put it all in a savings account and pay for the mortgage from it I will be taxed heavily, and if I reduce the payments with a hugh overpayment I will still have 9 years left. His death last year by his own hand had left me virtually penniless, and I kind of adjusted to this, now I don't know what to do - I pay enough to the tax man and don't really want to contribute anymore if poss, and I'm not very clever with savings/accounts/banks etc. Please honest answers |
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groovymaude
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Definitely pay it off your mortgage, keep the payments the same, it will be paid off a lot sooner - or look into offset mortgages with that amount of savings. I was left with nothing but debt, and the thought of losing my house (that's why I'd say own as much of it as you can, as soon as you can) - I truly sympathise with you it must have been a very tough year, hang in there, and don't do anything too hasty. Check your tax code, they taxed me at 54% for a few months (yes it was wrong, very wrong!) tax man was very helpful once we got to the bottom of it! Always take time to think over any info you're given, and don't be afraid to ask them to explain more than once if you're unsure. Very good luck to you and your kids! |
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Mrs M
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Personally I would pay the lump sum off the mortgage and see if you could then reduce the years too, say to 4 years. So you will still be paying the same mortgage but you will be mortgage free quicker.
Edited to say - Ask first as they may be a penalty for paying a lump sum off your mortgage. |
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Mayday
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I would recommand you should pay off your mortagage and reduce your instalments. What you saved money try to put in to monthly Cash Isa and still left over use stock & share ISA. This is tax free and cash in any time. |
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uk_sugarandspice
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If i was you i would pay a large chunk off your mortgage as you will be better off in the long run. We know it would be nice having the money in the bank account but 20k don't last very long. |
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lisa a
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Yes, I would recommend paying a large chunk off your mortgage to reduce your payments and increase your financial stability.
Maybe save a bit of it to go on holiday with your family for a break?
Go to the Citizens advice bureau or a financial advisor for advice. Good luck. |
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Onestep downfrom God
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Have you got a crystal ball?
House values are falling. Why pay £20k into a mortgage fund when the value of the property is falling?
Keep the nest egg safe. Interest will only be taxed at 20% at worst. Put £14,400 into an ISA and save the tax!! |
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leanne w
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You could pay the huge chunk off your mortgage. then remortgage for a shorter period to to pay off the balance for example if you work it so you still pay 415 a month it will knock quite a few years off and you will end up owing your property outright sooner, will pay less interest and will soon have an extra 415 a month to spend on you
I would recommend speaking to a financial planner who would be able to best advise you. |
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cookiesmom
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first did you call the mortgage company to see if this was actual payoff or is this what the balance on a statement says?...i certainly would entertain the thought of making a curtailment towards the mortgage, especially if the 37K is not payoff (your payoff could be lower) |
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MinnieC
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Advice:U put let s say 8K,and the rest u open a savings account for the next 5 years gaining interest...From those 9 years u knocked down about 2years,u probably would still have to pay for 9 years but your monthly payment has to decrease...
Good luck |
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