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Offset mortgage and ISA question
bunnysw
Posts: 48 Forumite
Hoping someone can help with this one.
We have just moved house and now have an Offset mortgage. We both have ISAs which we pay a total of £100 per month into. As the ISA accounts are nto 'associated' accounts with the mortgage my question is -
Should we leave all as it is and continue to pay into the ISAs?
Or Should we transfer the balance of the ISAs into an associated account to increase the amount of savings we have to Offset the mortgage, and still continue making monthly payments into the ISAs?
Or should we not pay into the ISAs therefore supposedly leaving more money in an account to offset the mortgage payment?
Hope that makes sense!
Thansk in advance
We have just moved house and now have an Offset mortgage. We both have ISAs which we pay a total of £100 per month into. As the ISA accounts are nto 'associated' accounts with the mortgage my question is -
Should we leave all as it is and continue to pay into the ISAs?
Or Should we transfer the balance of the ISAs into an associated account to increase the amount of savings we have to Offset the mortgage, and still continue making monthly payments into the ISAs?
Or should we not pay into the ISAs therefore supposedly leaving more money in an account to offset the mortgage payment?
Hope that makes sense!
Thansk in advance
0
Comments
-
What is best wil depend on a lot of factors.
Who is the mortgage with? can you offset ISA's?
If you offset ISA you no longer accumulate interest in them.
What are the interest rates?
ISA allowance is use it or loose it.
Will you be in a position in the future that you will have more surpluss money than the ISA allowance?
Tax free benifits run for longer than the mortgage.
How much cash savings do you have allready for emergencies?0
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