Cashing in a Maxi ISA to pay off part of mortgage
dleafe
Posts: 4 Newbie
Does anyone know if there are any tax implications if I cash in a Maxi ISA to pay off part of my mortgage?
The maxi ISA is an NDF Homemaker plan that has been running for 12 years and is currently worth £23000.
The maxi ISA is an NDF Homemaker plan that has been running for 12 years and is currently worth £23000.
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Comments
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I have just done the same, and I don't think there are since if it is a Maxi ISA it is shielded from all types of tax. I guess the only thing is that some ISAs are now at a higher rate than the mortgage interest rate, so that might be worth taking into account.18 May 2007 (start of Mortgage):
Coventry Offset Mortgage £220800
Offset Savings: £0
Mortgage Balance: £220,800
14 Jan 08
Coventry Offest Mortgage: 219002
Offset Savings: 28200
Mortage Balance: £190802
And still chucking every spare penny into it!0 -
thank you for your reply.
It is a stocks and shares ISA, and although is performing OK at the moment, in the past it has faired badly. I want to be able to raise cash to pay off a lump sum, and this seems like a good way to do it, and gives me the opportunity to save the premiums elsewhere or overpay the mortgage too.0 -
Yes, I agree, rolling the premiums straight into overpayments makes a big difference. As does seeing the daily interest bill come down (I get this figure from my lender every couple of months - its is a real motivator when the going gets rough, and a real eye-opener to see how much I have been shelling out to the building society!). Good luck with hitting the target you have set, I hope to not be too far behind.18 May 2007 (start of Mortgage):
Coventry Offset Mortgage £220800
Offset Savings: £0
Mortgage Balance: £220,800
14 Jan 08
Coventry Offest Mortgage: 219002
Offset Savings: 28200
Mortage Balance: £190802
And still chucking every spare penny into it!0
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