Where should I stick 11 grand for 10 months?

Hugh_jarsole

I will be cashing in a non performing policy and was wondering if you egg sperts can suggest investing it in the best place please.

I only want to invest for 10 months b4 paying a chunk off the mortgage with it.

Many Thanks in dvance and Happy New Year

Hugh:beer:

wombat42_2

You are using the wrong word. You meant "saving" not" investing". For that amount of time you should just stick it in a high interest savings account such as ICICI

cocktail

is it not possible to overpay your mortgage with it now.

MrBG

Have you used your ISA entitlements for this year? If married/with partner, consider using theirs as well.

Does your mortgage allow overpayments at any time? If on daily interest (and if taken off the capital), you may be able to pay it straight in now and save yourself 10 months of mortgage interest.

tonygee_3

perhaps the 'non performing policy' might start performing

Hugh_jarsole

Thnaks for replies

Cant re mortgage till Oct without penalties but will double check

ISA is not full so will try that

I am keeping eyes monthly on policy to see how it goes

Have two polices and listed one for sale and was in undated with offrs which tells me not to sell it. If its bad why do so many want to buy it. the other one had not one single offer hence the orginal question.

Thanks again

Stuart_W

It is worth checking what the penalties are for overpaying on your mortgage early, then working out with your mortgage interest rate and the best savings option for 10 months you can find as to what actually works out best.

Paying penalty charges for me does go "against the grain" so to speak, but in some instances can actually still work out the best thing to do. However, if you can do it penalty free in 10 months it may be a close call - unless you think that in 10 months you will have built up more funds that you could put in your mortgage.