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cravethatcoin

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  1. propertypartner.co looks very interesting. So you need to deposit a minimum of £250 to get started? Then I can invest that £250 as I see fit?
  2. Great discussions. Perhaps I have a lack of understanding but I cannot get my head around pensions in terms of tying my money up for so long. My dad is from traditional finance, ironically he worked for NatWest for 20 years. Also ironically he is a pension advisor and is very big on pensions. So I do have a pension which I setup partly to keep my dad happy and also because I don't really have much to loose being part of my income. So I suppose I have the best of both worlds but my goal is to build wealth outside of banks/traditional investments which is the main reason I got into previous metals investing. My long term goal is to invest into cash generating assets that will product cash flow that will act as a inflation adjusted pension.
  3. That is true but a with a pension it is tied up for years and the rules of which to play by have and will continue to change over time. There will be more and more restrictions between now and when I retire. Then I believe you are also heavily taxed in certain situations if you take out a lump sum. So the tax breaks sound great but when considering inflation, the risks and restrictions of a mention and the potential tax when pulling the money out it seems insane to me. I would rather invest my money and own assets that generate cash flow. The tax advantages are there because if they didn't exist then no one would tie their money up and take on those restrictions compared to investing their self and having full control. Also in terms of inflation there is no way that the official inflation rate is accurate. I would not be surprised if inflation right now is more like 10%. Perhaps a strange example but Doritos crisps, used to be 200 grams 2 years ago. They then dropped to 150 grams about a year ago and just yesterday I see they are now selling 100 gram bags. That's a 50% reduction in size I have seen in 2 years and the price has remained the same. The bigger sizes do still exist depending on store but they are testing the impact the smaller size has on consumers and over time the 100 gram bag will become the biggest size. Petrol prices are through the roof right now and the media isn't talking about it.
  4. Why would I want the bank to reduce my monthly payment meaning I reduce my mortgage less naturally over the year than if my payment is the same? Overpaying 10% of my mortgage in one hit should reduce the term to reflect and it's shocking that anyone would accept otherwise. Unless of course I did value the reduced monthly payment in which case the term would remain the sale. I do agree that I could be putting my income to better use in terms of returns. But paying off the mortgage to me is a big deal physiologically so I'm willing to take the hit in the return of being debt free sooner. I have other investments including metals, cryptocurrencies, company bond so I am reasonably diversified and not throwing all my money at my mortgage. Personally I do not like pensions, they are killed by inflation and inflation is only going to get worse over time. I'm 29, by the time I can take out my pension (the age of which will increase a lot by that time) it's going to be worth considerably less that I believe will nullify the 25-38% breaks. Even looking at what £1 could purchase 15 years ago compared to now is shocking. Look at a mars bar for example, when I was 10 it cost 30p and was large. Now a mars bar will cost a good 60-80p and it's half the size it used to be. Lets say I can take my pension at 75 that's 46 years of inflation my pension will suffer. I prefer to have control of my wealth and access to it when needed. Update I would like to thank everyone for their feedback. After a lot of messing around and sending my accounts etc NatWest finally made the change. My term has now been reduced from 27 yrs 10 months to 24 years 7 months. 3.3 years reduction with my mortgage payment changed back to the original £399.
  5. That's also the route I'm going but natrually if you keep your mortgage payment the same at the original term, overpayments you make will reduce your term as your mortgage balance is reduced. It doesn't make any sense that mathmatically the term is going to be reduced but mortgage companies will not officially reduce it. I do understand that they don't want mortgage terms reduced but if they allow an overpayment with the same mortgage payment the term of course is going to be lower.
  6. I think the key with Bitcoin is only invest what you can afford to loose and an amount that isn't emotional. For sure if the amount in Bitcoin becomes substantial it's going to be draining monitoring the price and expecting the worst (which certainly could happen). I also own 1 BTC and have been tempted to sell so many times then when I am thinking about it the price dips again haha.
  7. A quick update. NatWest are putting up as many barriers as possible prior to reducing the term. Even though I'm paying off 10% of my mortgage and reducing my risk to them as a borrower they are treating this as if I am borrowing more money or increasing my mortgage payment. They want: - 2 years accounts for my company - personal tax returns showing dividend payments Once I provide these documents they expect a 30 minute to 1 hour 30 phone call... I have no idea what they expect to talk about for that long to simply reduce my term based on my overpayment.
  8. Oh yes, it's no wonder banks have such a bad reputation. It would make sense if they were 100% private companies but NatWest was bailed out and should be thankful for someone overpaying and reducing their risk. But of course it's about money and ensuring they make as much interest as possible. I technically could overpay but I like to have the low mortgage payment month on month to make life easy. Then every year I get a dividend from my business. I suppose I could use that to make overpayments month on month but I do expect that NatWest will reduce my term come Friday. They don't really have a choice.
  9. That's exactly what I tried to do but they refuse to change the term based on maths. Instead I have to speak to a advisor and come up with my own term.... So it looks like this is NatWest being a joke. I will let everyone know how the phone call goes. I won't settle for less than a 3 year term reduction going off their own calculator.
  10. Can you explain how this works? One thing I don't understand as with my initial post is paying off the principal should automatically result in the term reduced assuming the mortgage payment remains the same. My LTV is currently 51%, hopefully I can reach 65% in a couple of years.
  11. Thanks everyone. I will arrange to keep my monthly payment the same on Friday. Will let you all know how I get on.
  12. Wow thanks for the support everyone I appreciate it. Yep banks like nothing more than to keep people in debt as long as possible. They want interest not early debt repayment. I did a lot of research on this prior and knew that they would default to reducing the monthly payment to keep the same term but I had no idea just the extent they would go to in order to avoid reducing the term. Yep nothing nice about having a mortgage. Unfortunately I live in the south and buying a house cash is impossible for most. Indeed, I was aware that by default they would reduce my monthly payment and keep the term by default. I fail to see how the term doesn't make a difference, I would rather keep my exising £399 payment and reduce my term and effectively pay off the mortgage sooner. With the reduced monthly amount I still have the payments to make each month for 27 years. Unlucky for NatWest I won't be stuck with a mortgage for long. Thanks a lot I appretiate it. I will ensure that I get at least 3 years knocked off the term from this over payment (as per their own calculator). If they refuse to do it I'll take action to expose what they are doing (I know it's legal and all banks are the same but I'll be sure to make an example of how bad it is for the borrower). That is true. My plan has always been to overpay 10% per year (while reducing the term to reflect and keep my same monthly payment) then on year 5 once my fixed rate ends I'll see what my balance is at that point and pay off what I can while there are no fees then get the best deal I can. By that point I'd be going for more like a 10 year mortgage.
  13. Hello everyone, I've seen some great discussion on mortgages on the forum so I figured I would ask for some advice from fellow members. I have a mortgage, fixed term for 5 years. Currently in year two with a balance of £106,000, my payment is £399/month (27 year term) Every year I am able to make 1 lump sum payment of £10,000 which falls nicely within the maximum of 10% overpayment I can make per year. I called NatWest to make the overpayment. They said that when I make an overpayment it reduces the monthly payment by default rather than the term. I know why they do this from their side. From my side I want to keep my £399 payment and reduce my term to reflect my new overpayment. I used their calculators and the result is attached. So around a 3 year term reduction based on the £10000 overpayment. But when I asked NatWest what my new term would be they said they couldn't tell me. They said it's up to me to pick a term. It's confused me in the sense that surely there is some math involved in the new reduced balance of £96,000 with the same £399/month is going to be paid earlier than if the balance was still £106,000. But NatWest cannot come up with the new term and stick with saying that it's up to me to come up with the term. Today I made the overpayment (they said point blank that the payment must be made prior to the new term being agreed which in my eyes is insane). My payment is reduced to £360 or so. I have to speak to a mortgage advisor on Friday to come up with the new term (along with show my business accounts etc even though my risk is reduced..) and bring my payment back to £399. Based on their calculator I should see the term reduced from 27 years to about 24. But based on NatWest not being able to give me a term what should I expect from this discussion? I would love to hear from anyone who has experience with this or has advice, it would be greatly appreciated. Thanks.
  14. Same here, they both have advantages/disadvantages. I think to own one but not the other is risky and considering both markets are highly manipulated the ratio is irrelevant.
  15. This is the same situation for me. I purchased most of my 1oz Britannias at under £1000 spot so there is a little profit there but my QB (2 1oz and 3 1/4oz) on the other hand have done very well. Like with anything I think it's best not to put all your eggs in 1 basket. Buy QB just in case but also have low premium gold as well.