As there is no tax relief on residential mortgages, have you considered reducing your mortgage, or using a flexible or offset mortgage?
Tip: If the net interest rate you earn on your savings is less than the interest rate you are paying on your mortgage, then you will save money by using your savings to pay off some or your entire mortgage.
Have you considered changing your mortgage?
Tip: Some banks and building societies offer subsidies to people switching mortgage, while some are increasing their rates. What price are you paying for inertia? Professional advice should be taken, as many deals may not be as good as they look.
If you are considering investing in property (other than your home), have you considered taking out a loan to finance the purchase?
Tip: Even if you don’t actually need to borrow now, it may still make sense to borrow and use your spare capital for other purposes. The reason for this is that you may get up to 50% tax relief on the interest you pay on the loan – provided it was for a qualifying purpose – which makes it one of the cheapest ways to borrow money