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Mortgage Overpayments Or Isa ?
paulritchie
Posts: 1 Newbie
I Have A Interest Only Mortgage With Optional Overpayments It Tracks At .18 Above Boe Rate If I Have Spare Cash Say £50 A Week Should I Pay Extra Mortgage Or Invest In An Isa ?
0
Comments
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Your mortgage rate is very good AT THE MOMENT ! 1.65% so I think you will be able to get a better rate than that with a cash ISA.
Its always good to have an emergency fund of 3/6/9 months of income in ISA,s anyways so save into an ISA for now.
When your mortgage rate starts to rise and is higher than the rate you get from the ISA its then up to you if you want to pay off some of the IO mortgage.
In the long term you need to change onto a repayment mortgage as soon as you can afford. GOOD LUCK0
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