Will I be penalised for overpaying my mortgage?
QI’VE inherited a bit of cash and want to pay a chunk off my mortgage.
How much can you overpay in one go?
THE typical amount is 10% each year, without penalty. Contact your lender.
If nearing the end of a fixed rate deal, you may wish to wait to repay anything above that until the deal comes to and end.
Then you can pay off as much as you wish before finding a new deal.
Once you have overpaid, lenders usually let you either cut monthly repayments, or keep them the same and cut your mortgage term.
I HAVE been on furlough since
April and was struggling to pay bills.
I arranged a mortgage holiday and recently asked if I could extend it.
But I’ve now just had good news that
I am going back to
AQwork full time. Can I go back to paying my mortgage. GREAT news that you are going back to full-time work and full pay.
Yes, you need to contact your lender so you can restart repayments – the sooner you do this the better so you can get your finances back on track.
I’M RETIRING in the next couple of months.
I’ve worked out my state
AQpension and private pension incomes and I think I’ll be earning over the personal tax allowance.
Will I have to start filling in self-assessment tax forms each year?
NO, UNLESS you have more complex income you won’t need to do returns.
HM Revenue and Customs will usually send a tax code to your personal pension provider and they will deduct any tax due before they pay you the income.
OLD workmates tell me they get lower state pensions as they were contracted out of the state pension by our firm which has since gone bust.
I think this will apply to me too when I get
AQmy state pension in three years’ time.
Can I find out how many years I may have been contracted out?
YOU can check your National Insurance record to see if you have any gaps or non-qualifying years at gov. uk/check-national-insurancerecord or call 0300 200 3500.
I NEED to replace my car and will have to find a loan to do this.
My credit rating has taken a little bit of a battering during the pandemic but I’m now back at work full time.
Is there anywhere I can do a pre-eligibility check to find out where I might be accepted for a loan? YES there is. Just search online and you’ll find you can do eligibility checks for loans on a range of websites including experian.co.uk, moneysavingexpert.com, totallymoney.com and moneysupermarket.com
AQA