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Banking problems: ISA cash or mortgage debt?
Stuart_L_2
Posts: 7 Forumite
I currently have around £20,000 saved in an ISA and I earn slightly more interest on it than I pay on my £50,000 of mortgage debt. Given the state of the banking industry should use the ISA cash to lower my mortgage debt?
0
Comments
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Not at the moment.
If you are earning more interest from the ISA,s than you pay interest on your mortgage then keep saving into ISA,s first then overpay on the mortgage if allowed.
When you come to remortgage then look at the costs of the new mortgage rate V the interest earned from your ISA,s
Be carefull not to have more than £35k in savings.
Always keep some money in an cash ISA for emergencies GOOD LUCK0
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