How to beat the mortgage!

no-i-deer

Hi all,
I have 70k which I can either use to pay off my mortgage which requires approx £1300 interest only per year at current BoE rate, or invest to receive more than that to increase my Capital. Any thoughts where I could invest this with Nil risk and to gain more than my mortgage interest! I have found Santander pays a 3% tracker which should cover my interest plus a little! It also covers any BoE rise. Any other suggestions? I'm a standard rate taxpayer.
cheers
No-i

opinions4u

Is your current mortgage a tracker?

If so, how long for?

Is it a taxable benefit in kind from an employer?

(If saving is the right approach, maximise ISA allowances first ... and if the mortgage rate is not guaranteed to track, make sure the deposit account is an easy access one, such as the ones offered by Nat West eSaivngs, The AA, ING, Tesco etc).

no-i-deer

Current Mortgage is a tracker, for another 5 Years.
It is an inheritance so not taxable .
Looking for something which can cover the mortgage repayments and increase the capital. ISA is fully used.
Dont need access for at least a year.
thanks
no-i

opinions4u

no-i-deer wrote: »

Current Mortgage is a tracker, for another 5 Years.
It is an inheritance so not taxable .
Looking for something which can cover the mortgage repayments and increase the capital. ISA is fully used.
Dont need access for at least a year.
thanks
no-i

Stick with the Santander option for as long as it tracks then. It's a guaranteed gain.

(I actually meant is the mortgage provided by an employer when asking about tax - sorry for not making it clear).

no-i-deer

No Probs- thanks very much for input!
n0-i