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If you're within a decent period of retirement (10 years), I think the best thing to do is bury any overpay in to a SIPP, take the 20% uplift (tax rebate) and then pay off the mortgage with the 25% tax free drawdown. Ezy gainz.
SimonM-
I understood each one of those words individually.
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If you're within a decent period of retirement (10 years), I think the best thing to do is bury any overpay in to a SIPP, take the 20% uplift (tax rebate) and then pay off the mortgage with the 25% tax free drawdown. Ezy gainz.
I'm old, but not quite that old, yet.
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Thanks for that suggestion.
Different circumstances, but can gain from a Government funded lump sum in 10 years time.Presumably one needs to find a broker to set up a SIPP.
Any recommendations?
The only firm I have had any contact with, in the past, was Hargreaves Lansdown,
but, with their founders' support for brexhit they will never profit from the sweat of my brow.
stevo_com
Dammit
mespilus
There is an appeal in setting the period to ten years and just paying the £1,200, having that cost gone would be nice. That said I probably spend more at Pret each month than the current mortgage costs me, so it's not a huge thing I suppose.