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pay off mortgage or put into isa
dizzylady
Posts: 25 Forumite
hi i have a policy with standard life that is index linked and is losing money so have decided to close it the payment will be £7250. what i would like some advise on is should i put it in a isa or take it off my mortgage, my mortgage is £12511 and is interest only and i have 6 years left and my interest rate is 0.95% thankyou
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Comments
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If you can find an ISA paying over 0.95% (shouldn't be hard!) then financailly that would be better, however given the relatively small amount it won't make a lot of difference - 1% would only be £72.50 profit so depdends how much hassle you want, and whether you would feel better reducing your mortgage down?I am a mortgage adviser.You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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thankyou for your quick reply it was very helpful0
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