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shandy123_2

Guys,

My first post. Some excellent points, keep up ther good work. My dilemma is the same as many others. What would you do if?

No debts other than £83, 600 mortgage 8 years left, on tracker boe +0.34 until april 2010.

Got £26k and £700 per month to save. No isa's yet. Can i give my wife the £3600 pre and post april and also open my own?

Aged 50. Would like to use the lump sum and/or the £700 p/m to build up a lump sum to possibly fund a second pension in 10 years time, but unsure if i should just pay off mortgage earlier and then save. Or should i do a bit of both?

Any ideas/options gratefully received.

Cheers

Welshlassie

If you are not happy with your current predicted Pension then I'd do a bit of both. make sure you have a 2-6-9 months worth of income saved as your emgerency fund. Fill your ISA's both for you and your wife now and then again in April, this find out if you are able to OP. Check your T&Cs, or call the lender and ask, this will help determine whether you should save up for when the special rate ends or whether to lump it off as you go along.

HTH

shandy123_2

Thanks for your advice welshlassie.

I can overpay up to 10% of balance each year. I think the iasa are a good first step and i think i should overpay the mortgage, just wasn't sure whether to overpay now or wait till april 2010 when my low rate tracker finishes.

Cheers