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Should I use my ISA to pay off part of my mortgage?
bitofatit
Posts: 62 Forumite
I have about £10K in a cash ISA earning not too much in intrest.
I have £60K o/s on my mortgage (3.9% std var rate). Which will be paid off in 3 years.
Any views - should I cash in the ISA and pay of a chunk of the mortgage or leave things as they are?
Cheers
BoaT
I have £60K o/s on my mortgage (3.9% std var rate). Which will be paid off in 3 years.
Any views - should I cash in the ISA and pay of a chunk of the mortgage or leave things as they are?
Cheers
BoaT
0
Comments
-
If you are paying of 60k in 3 years thats at least £20k a year, so once the mortgage is paid off you can save that and it is more than the ISA allowances.
So you need to think beyond the mortgage and the tax staus of the ISA which is a use or loose allowance.
Keep the ISA and get a better rate on the money0
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