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Ah thanks Strudel, nice to know. :)
Jet47, the UK mortgage market sorted out daily interest calculations at least fifteen or twenty years ago...... Courtesy of an Oz bank owning a UK bank - I think - and basically pointing out how their mortgages saved the home buyer gazillions over the course of a typical 25 year term.
The other UK banks had to get off their gravy train and compete in the mortgage market fairly pronto. You have to wonder why the regulator didn't ask pertinent questions on the consumers behalf in the preceding years/decades.
Have Australian mortgages picked up in the UK yet? In the UK at a high interest rate a few years ago people were paying £750,000 to pay off a £250,000 mortgage. That's outrageous, and all because the interest on mortgages is deducted monthly or in those days, annually. Yet in Australia any tiny random amount paid off the mortgage is instantly credited and reduces the interest. It's not the payments that hurt, it's the interest, and that applies to car loans or any other kind of loan.
Hi Spratt, yes you are right - my investment skills were poor until I struck it big with GGP. I hope it is helpful to Elise to share one's experiences as others have done. ATB
it's like a narrow gauge but more!
Hi All. Whats a mortgage? ATB Speedy
@EmC2, sorry to hear about your losses, but i think this says more about your investing skills than about providing sound financial advice. This IS a opportunity of a lifetime, one which gets better everyday and has a bright future..and the chances of this going to zero (i.e the martians take all the gold) are ..welll...zero.
Elise, wish you well in any decision you make.
Hi Elise, have been watching all the posts about what to do about your mortgage and must be totally confused by now, I have not had a mortgage for years and even though have been skint there was no chance of losing the roof over my head and thats reassuring. Now i will be in a position to pay off my daughters mortgages after the MRE and i will tell them to post the final payment made so i know they have done it. So you have a new load on your mind but sweet dreams and not nightmares for the future, Ciao DM
Rates are so low you'd be better off increasing your mortgage and investing the money!
I was mortgage free 4 years ago - then bought another BTL... I something think If i had put that money into GGP when i bought my first set of shares - I could have bought 50m shares!
Yes 2% Interesr per months or 100-200-300% rise on that money over 3 months. So unless youre going to
Lose your house.....hold for gold
I don't normally get involved in other people's business but if it was my decision I would wait until after Christmas, by then if you decided to pay off your mortgage then you would not have to sell as many shares. I've still got my mortgage even though I could have paid it off, cheap money in my view. Good luck whichever way you go.
Paid mine off 8 years ago was mortgage free for ten days felt lost so got another one for my sons house and paid that off last year with profit from Farn and considerable monthly over payment which saves enough money to be like a lottery win. Did it feel special...not really but it did enable me to buy nearly 6 million of these beauties since EG days. Would I have another mortgage YES as it’s very very cheap borrowing. Good luck we didn’t get the 50% rise I asked for hahaha
Elise hi, hope you are well !
Paid mine off years ago but I remember the "Great feeling of relief"when I did.
There is an alternative to ponder on over the w/e and that is :- Pay 25 / 50% off that will reduce your monthly outgoing, keep the remaining shares in here and maybe after Christmas with a great hopeful rise here pay off another 25% and so on. Chip away rather than one lump and maybe at the end of the dealings you will have paid off the lot and still have some GGP's to boot.
Very best of luck whatever you do, well deserved.
ATB
Tom :-)
Hi Elise I havent joined this discussion up till now. Does it have to be either fully paid off or nothing paid off? Can you top slice GGP and top slice the mortgage too? Thats what I would do, but you really should do whatever makes you feel the most comfortable.
Do some 'what if' analysis and see how that makes you feel in various price scenarios. That might help gauge your attitude to risk.
Paid mine off 6 years ago. The relief when you make that payment is a fantastic feeling. I used to look at the house and divide up how much was mine and how much was the banks. Now I look and can only see mine. No matter what happens with my investments now, I still have a roof over my head.
Gla
C
I thought like Spratt and instead of using a lump sum to pay off our mortgage I used the money to invest in the stockmarket - bit by bit lost the lot. Fortunately, my wife stepped in to pay off the mortgage. Always regretted not paying off the mortgage. You never know what the future holds. Good luck with whatever you decide to do.
Elise, paid mine off when I was 40 and then split it between myself and the stock market. Treats for the family and investments for retirement. Felt like I had grown a foot when I walked out of the building society. However, your choice.
Morning Spratt
So you think if she has a £1000 a month mortgage she’s better leaving it than paying it off and having a £1000 a month free cash to invest or do as she likes. .?
Elise it’s a no brainier to me pay it off and enjoy life, we get one shot at it.
Hi Elise what a nice problem to have ! I had 2m shares and sold 1.5m from 16 up to 20p as I had achieved beyond my dreams. Now sat with 500k until the end (whatever the end is). So if I were in your shoes I would hedge my bets. Since selling I could think oh look what I could have won...but actually it is more a sense of satisfaction at banking a life changing profit and since my last slice on friday close at 20p the 100k is now nearly 125k...that in 3 days is a years income in retirement so I think as long as you keep some ( not sure how many you hold) to keep yourself on board this train then I think you will do just fine. GL MFU
Elsie / Elise, sorry, dyslexic before my first morning cuppa......
Can't read or type.
Shouldn't really trade shares in this state either.
Didn’t really want to chip in as it’s a personal thing. But IMO paying a mortgage off is very overrated these days as the cost of borrowing is so low. I could understand it when the rates were 15%. I’m in the same boat but will keep a mortgage till end of term and let my investments bring in a return either here or in divi paying stocks.
Again IMO
I was mortgage, credit card and car loan debt free at 5.7p. Did I sell? Nope, not a bean. Highest interest rate is 2.5% and I have enough non-GGP stock market investments that meant I didn't need a mortgage, credit card or car loan from the outset.
It's easy to make £10k if you have £100k. Very tricky if you have zero.
Do the arithmetic Elsie and if you can't sleep at night sell a decent lump to pay off a chunk of the mortgage, or put it into a less risky ETF that pays a dividend - you need a fraction over your mortgage rate to make that worthwhile.
Meanwhile back at GGP I'm making a life transforming amount for the next couple of generations of my family. I waited 30yrs to be this lucky once.....
Hi Elise. Don’t for one min feel pressure. You have plenty of growth left. It’s a straight run , no foreseeable hurdles . Relax and reep the gains.You will be made aware of any upcoming events. ATB Red .