IIB Saver Mortgage

B

brokeagain

Registered User
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Hi,

Just wondering if anybody had any more information on the IIB saver mortgage. Would myself and partner be better off paying the extra 250 into this mortgage that saving for a pension??

Any thoughts?
 
The IIB saver mortgage is a new product name put on a facility IIB have offered for a long time - the ability to re-draw overpayments on demand. It's a good idea.

It's hard to comment on whether paying off your mortgage early is better than contributing to a pension or vice versa without knowing a lot about your personal circumstances. Bear in mind that pension contributions attract tax relief at your highest rate, which doesn't apply to mortgage overpayments. But pension contributions are inaccessible until retirement and some of the proceeds may be taxed, while overpayments to your mortgage through this product (or an Offset Mortgage) can be accessed at any time.

Liam D. Ferguson
www.ferga.com
 
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