We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Offset help please.
SazM030306
Posts: 1,317 Forumite
Hi, could anyone help solve my little problem?
I have an offset mortgage with Woolich and recently reduced my payments, to help pay off a small debt. Now that that is sorted I'm wondering if I should put the £100 which the mortgage was reduced by back onto the mortgage payment, or pay it into my ISA, which is currently in the offset arrangement! Would this make the slightest bit of difference? I just can't get my head around the figures.
If you need any more info ie amounts, please ask.
Thank you
xxx
I have an offset mortgage with Woolich and recently reduced my payments, to help pay off a small debt. Now that that is sorted I'm wondering if I should put the £100 which the mortgage was reduced by back onto the mortgage payment, or pay it into my ISA, which is currently in the offset arrangement! Would this make the slightest bit of difference? I just can't get my head around the figures.
If you need any more info ie amounts, please ask.
Thank you
xxx
:heart2: THANK YOU MARTIN!! :heart2:
0
Comments
-
If your ISA is offset then make sure you max out the ISA each year and not take any out if you can .
It makes no difference now where the money is but once the mortgage is paid off you get the long term tax benifit.
At the end of the loan you need to try and keep the ISA money for future tax benifits and pay of the loan another way.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.5K Banking & Borrowing
- 253.7K Reduce Debt & Boost Income
- 454.5K Spending & Discounts
- 245.5K Work, Benefits & Business
- 601.4K Mortgages, Homes & Bills
- 177.6K Life & Family
- 259.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards