Paying Off Mortgage

[Connemmara]

We have been on this topic recently and every day I toy with what I am going to do - at the moment I am actually when it comes to the time think I will pay off the £10,000 that I owe - have it done and over with - and as one of the posters said save that "mortgage" that I was paying plus I can afford a bit more of savings every month and build it up again.

Now what I want to really know please forgive if it is a silly question to you but need to know this - if after I own my whole house do I pay tax in any shape or form on it .

[tonyav]

No you don't.

[Connemmara]

thanks Tony - you have reassured me cos I always think the tax man is after you for something or other. Thanks again.

[factor-fiction]

No, but if you are a taxpapyer you will pay interest on your savings and your savings may affect any entitlment to benfits

[tonyav]

Well you are right Connemmara, they usually are, but not in this case.

[Connemmara]

thanks factor - well I dont get benefits but I am understanding that unless you put your savings into those stupid ISAs which are paying very little interest you pay tax on anything you save.