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endowment
gazman1
Posts: 3 Newbie
Hi all, I have just had an endowment policy mature for £30,000.I have a flexible repayment tracker mortgage with santander for £42,000. What would be my best option -- to reduce my motgage to 12,000 and continue with my monthly repayments or to invest the lump sum into a high intrest savings account ? santander want me to put it into a savings pot but I,m not convinced that this is the right thing to do.Any suggestions please
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Comments
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What are interest rates in question?I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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My mortgage interest rate is 1.25% I,m not sure if the savings pot is the same0
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If you are only paying 1.25% on your mortgage interest then you can get 3.3% tax free in a Cash ISA so might be better to invest some in cash ISA,s and regular savers.
How safe is your job ? If you have a lot of savings and lose your job you will need to live off savings but if you pay off some of the mortgage and keep upto £16K in savings !0 -
my job is reasonably safe. I aim to finish paying off my mortgage hopefully in 1 year one way or another.Don,t think an isa is the answer as you can only invest a small amount. Would you recommend I put the 30k in a lump sum high intrest account like northern rock (currently offering 4%pa) or just stick it onto the mortgage capital and have done with it ?? Is there any better deals out there ?0
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