I want to be MF. PLS help

I-want-to

Hello,

I have £160,000 left to pay on mortgage at the rate of 3.19 at the moment and I have 22 years left. I have about 100k in investment including ISA, CIP and PIP. My question is should I put that 100k into my mortgage?

Many thanks

Tracey

Leigh-Anne_60

Hiya

Welcome!!

Im just a newbie MFW myself, so probably not much help! But from what i have read on here, the general consensus is if you get a better rate on your Isa's to leave it there. So if you earning more than your 3.19 mr, leave it be.

I think advice changes if your looking to move/upgrade and need a better LTV!

Hopefully someone more knowledgable will be along soon.....

LA

Jonbvn

I-want-to wrote: »

Hello,

I have £160,000 left to pay on mortgage at the rate of 3.19 at the moment and I have 22 years left. I have about 100k in investment including ISA, CIP and PIP. My question is should I put that 100k into my mortgage?

I would tend to leave money in the ISA, since there are limits on how much you can pay in each year. What are CIP and PIP? If they are pension plans then you cannot withdraw money anyway.

dimbo61

Is your mortgage a repayment mortgage ?

Desperate_Housewife_2-2

Hi I-Want-To,

firstly, congrats on deciding to pay off your mortgage, you have made the first step! As regards your question, a lot depends on your circumstances and how you feel about using your savings. Have you made provisions for retirement, do you have any dependants and is your job safe?
Consider that once you cash in your isa money you lose the tax free status forever.
I used an offset mortgage to pay off mine and it worked well for me even though some people on the forums don't like them.
I would advise that you take an overall look at your finances and see where you can save money on bills and food etc.
Check out the mortgage free in 3 thread on this board for some great ideas!
Good luck!