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user68306

Member since Sep 2016 • Last active May 2023
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  • 2 comments

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  • in Miscellaneous and Meaningless
    Avatar for user68306

    Thanks all!
    Premium bonds is max £50k as far as I know.
    Max NS&I rate is curently 4% as far as I can see. I could give her more than that and still have a cheaper mortgage/not be at the mercy of the banks.
    It's all food for thought.
    To clarify - I meant that she loans me the money - she's in effect my lender.
    Any further thoughts very much welcome!

  • in Miscellaneous and Meaningless
    Avatar for user68306

    I'm a daily user on here but posting (even more) anonymously because the topic is a bit sensitive.
    I'm about to come to the end of my first five year mortgage term. In the time, my dad has passed away and my mum has been left with a lump sum from his pension as he died before pensionable age (in lieu of a monthly pension if he had died at pensionable age).
    She gets very stressed about having money in the bank and being defrauded. She also terrified of losing any money, so won't invest it.
    I would like to suggest that she buys my house at the end of my mortgage term and I then pay her the interest that I would have been paying the bank.
    What are the pitfalls of this? Are there any financial things (taxes or whatever) that I should be aware of?
    Thanks in advance

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