Cash ISA / Morgage / credit card

roswell

Evening all,

This will sound very confusing but i have a morgage of 17K ish, I have a Cash ISA that is worth 13K and due and interest payment, I havent paid money into the isa for the last 3 years.

Im looking to clear my morgage as i need the credit availability to get another property, would it be advisable to use my isa to clear the most of the morgage and get a Low Life of balance credit card to make up the differance ?

Or is this just a silly idea?

Thanks

herbiesjp

Why do you have to clear your current mortgage to get another property?

Are you not selling the this property?

Are you not renting the property you are going to buy?


Just trying to make sure that if you really want to hold on to these funds as emergency money, that you do not have to clear the mortgage first.

roswell

I will be keeping this property as my mom lives in it , im currently renting a flat that me and my fiance live in but want to move to a house, due to house prices i cant get a morgage high enough with the current morgage as well and i dont want to over streach myself im a firm beleiver in 3 X salary = house, current morgage payment is £135 PM rent on flat is 188 PM (council), my view is if i clear this morgage I will be able to get another but as you mentioned about emergancy money iv noticed a flaw .. id have no money for a deposit on a new property .... back to the drawing board on this one i guess