Why You Should NEVER Pay off Your Mortgage Early

‘Brought to you by Progressive Media’: https://progressivemedia.uk/

KEY TAKEAWAYS

If you are even slightly disciplined you should not pay your mortgage off. If you are worried about interest rates then look at fixed rate mortgages.
If you can invest your cash somewhere else, you will earn more back on that lump sum than you will be paying in interest on your mortgage.
Property is still by far the best investment opportunity particularly in terms of lending from banks; they will always give you a great interest rate on anything you borrow.

BEST MOMENTS

“Why would you want to pay of your mortgage if you can get consistently good returns by investing in your isa and getting much much higher investment returns”

“You’ve got to make your money work for you, no one else will look after your money like you do”

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https://www.youtube.com/user/progressiveproperty https://www.progressiveproperty.co.uk/the-progressive-co-founders/

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‘Brought to you by Progressive Media’: https://progressivemedia.uk/

Previous Episode

Spring Budget: Everything You Need to Know

A short but informative episode where Mark discusses the current economic news including the changes in the new budget and what he thinks will happen next.

KEY TAKEAWAYS

We’re coming to a period where living standards are going to reduce in ways not seen since the 1950s. The rise in inflation and employment issues are all adding up to a historical economic time; and we are living in it.
There has been a £2300 increase on the income tax threshold and a 1% reduction on the basic rate income tax will have most significant effect on most people in the new budget.

BEST MOMENTS

“I suspect it’s more of a gesture rather than something concrete that will make a difference”

“Rishi is certainly very good at telling people her cares, but looking at these numbers you start to see he only cares a little bit”

VALUABLE RESOURCES

https://www.youtube.com/user/progressiveproperty https://www.progressiveproperty.co.uk/the-progressive-co-founders/

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‘Brought to you by Progressive Media’: https://progressivemedia.uk/

Next Episode

How to Beat Inflation & The Cost of Living Crisis

What steps can you take to deal with the cost of living crisis? Join Mark as he talks about what you can do to help protect yourself from surging energy prices and the impact of the huge inflation we are seeing in the UK.

KEY TAKEAWAYS

The pandemic has meant there has been a reduce in supply for gas and electric but then we have seen an increase in demand. This has been further exacerbated by the war in Russia and the Ukraine. The world gas and oil price has gone up significantly.
One way to protect yourself from the rise in energy costs is to improve your EPC rating to at least a C, via insulation, new boiler etc. The government is also going to put pressure to get all homes to a level C anyway so you are also future proofing youself. Intelligent thermostat systems, such as NEST can also help you save energy.
If you take a fixed rate with your energy supply, you will generally pay more over the long term but it does offer you a level or protection from price hikes.
People are reducing their outgoings in a multitude of ways. Netflix subscriptions have gone down and the stock market are also seeing reduced numbers of investments and investors.
Marks tips if you can still afford to invest than you should. Just focus your money on longer-term investments.
Right move said the past two months has had the biggest imbalance of supply –vs- demand in its history. Short term predictions are impossible to make, those who do might make headlines but they are usually wrong. Mark believes yes, house prices will crash but he, like no one else, can predict accurately when that will be.
There have been multiple things that have caused a lack of labour including Brexit, the pandemic and early retirement. This is creating a shortage in many different manufacturing industries as well as in the building industry and haulage.

BEST MOMENTS

“If you’ve got the cash to ride the peaks and troughs you’re probably better going for a variable”

“A price war probably will break out across the supermarkets”

"It won't be too long until you see more and more immigration starting again"

VALUABLE RESOURCES

https://www.youtube.com/user/progressiveproperty https://www.progressiveproperty.co.uk/the-progressive-co-founders/

ABOUT THE HOST

CONTACT METHOD