Z
zen
Guest
Hi guys
Has anyone actually sold their AH? I dont mean sold it and left, I mean, has anyone gone to the council for a redemption figure and paid it out of their savings and remain living there. As all homes are in negative equity there is no clawback.
The intrest rate on savings does not justify leaving it in unsafe banking system when the mortgage interest rates are going up. Over time your money becoming worth less and less.
Not saying I have it but if one had a choice to use all ones savings to pay off the mortgage, would it be better to buy your home outright? At least you would have an asset? A friend of mine said a mortgage is good debt but then another said no debt is better than good debt! LOL
I'd like to hear what the procdure is if anyone has done it. Is it a case of just getting a redemption figure and going in with a cheque and waiting on the folio number?
Also, are there any post impacts. i.e. Are there any hidden gotchyas from the council when you make the final payment. are there any hidden government charges. For instance, I was told if you had paid for your mortgage and you lost your job you are not entitle to social welfare, they'll tell you to sell your home?...
Has anyone actually sold their AH? I dont mean sold it and left, I mean, has anyone gone to the council for a redemption figure and paid it out of their savings and remain living there. As all homes are in negative equity there is no clawback.
The intrest rate on savings does not justify leaving it in unsafe banking system when the mortgage interest rates are going up. Over time your money becoming worth less and less.
Not saying I have it but if one had a choice to use all ones savings to pay off the mortgage, would it be better to buy your home outright? At least you would have an asset? A friend of mine said a mortgage is good debt but then another said no debt is better than good debt! LOL
I'd like to hear what the procdure is if anyone has done it. Is it a case of just getting a redemption figure and going in with a cheque and waiting on the folio number?
Also, are there any post impacts. i.e. Are there any hidden gotchyas from the council when you make the final payment. are there any hidden government charges. For instance, I was told if you had paid for your mortgage and you lost your job you are not entitle to social welfare, they'll tell you to sell your home?...