Early-retirement wannabe

Bluebell1000

@FIREDreamer Paragon Bank has a flexible cash ISA, you can only use the flexibility within that tax year which I think is what the poster above was doing, via moving money in and out in April, across tax years?

hugheskevi

I use Trading212 cash ISA, they are the only provider I found who offer a flexible cash ISA as well as having a half decent rate (far from the best once new customer bonuses expire, but not shocking).

An ever-present risk to my plans has been a lack of suitable products - I found only one fee-free offset mortage provider (Yorkshire Building Society) and only Trading212 for a flexible ISA amongst providers on the best interest lists. It was quite frustrating having to transfer an investment ISA to Trading212 just to flexibly withdraw it.

Archerychick

https://forums.moneysavingexpert.com/discussion/comment/81876769#Comment_81876769

we have a flexible cash ISA with Vida, also used Monument in the past

Top_of_the_Stocks

I have read all the comments above.

I came out of my company scheme in 1982 after Maggie changed the rules, bless her.

Had a serious medical issue in 2012 aged 58. Retired. Took my lump sum, paid off the mortgage and watched the pennies. Wife still working.

She retired at 62.5, I was 60. She got full state pension and a small company one, just under tax allowance. Got my reduced state pension at 65 having used my Drawdown pension to top up.

Now 71, I have a comfortable life, a happy wife and pay no tax. Heaven.

On tax, I have just moved all our savings 4% into SIPP's for the wife and I. Almost £90k, the taxman has kindly topped it up to £120k, 25% refund, thank you HMRC.

Now investing my SIPP in the FTSE 100 and fingers crossed doing well. 10% gain in 4 months with a couple of small losses. My rules must be obeyed….

Our property in Trust, my money in pensions with trustees. Beneficiaries are my grandchildren and the kids. The taxman can swivel on it.

Hopes this helps

DT2001

https://forums.moneysavingexpert.com/discussion/comment/81876769#Comment_81876769

I had one last year with Nationwide. Bank of Mum and Dad helped DD with house purchase using cash ISA, refilled from offset mortgage end of March, withdrew in April and refilled from TFLS in October and now on better rate but inflexible ISA.

Shimrod

https://forums.moneysavingexpert.com/discussion/comment/81877830#Comment_81877830

You say you've retired so presumably have no earned income.How have you managed to get tax relief on moving £90K into pensions?

FIREDreamer

https://forums.moneysavingexpert.com/discussion/comment/81877881#Comment_81877881

Presumably 14 years x 2 people x £2,880 = £80,640 plus tax relief plus growth

michaels

https://forums.moneysavingexpert.com/discussion/comment/81876938#Comment_81876938

Yeah, the market for flexible and current account mortgages seemed to die several years ago now - probably because of govt rules on lenders needing to make sure that customers were borrowing sensibly. I remember Barclays withdrew credit lines part way through a tax year causing those who were using offset to park funds prior to paying their tax assessment in big problems.

DT2001

https://forums.moneysavingexpert.com/discussion/comment/81877959#Comment_81877959

I think the problem for the banks was that offset mortgages work like overdrafts and they had to have increased liquidity ratios post the last credit crisis. The banks make less money on offset mortgages whilst needing to provide liquidity if they are utilised. Barclays, from my experience, assessed usage and then gave notice that limits were reducing. I just drew down close to my limit (£200k+) and added the funds to an account within the offset arrangement. During Covid when the banks were leaned on to be more understanding about mortgage repayments I extended the term of mine by 5 years (no questions asked about affordability) so when credit is less tight you have to take advantage of the system.

Roger175

https://forums.moneysavingexpert.com/discussion/comment/81877885#Comment_81877885

But, poster (Top_of_the_Stocks) says they have 'just' done this. I don't see how this is possible with no relevant earnings? Poster, can you elaborate.