New thing, Super Stooze, but is it worth it??

moatmeister

Got the opportunity to do a "Super Stooze" Just wandering if its worth the hassle?

Got interest only mortgage of £26k, should have been paid last april but BS have extended term for another year. Its at 2.5% variable. Did have a complicated plan to repay but due to a recent windfall, now have cash available.

Should I pay it off now or invest cash in a savings account at 3.25%, profiting 0.75% continue to pay the mortgage and pay it off next april?

Might earn approx £120.00 out of it, or are my figures wrong?.
But is it worth it??

vasi_2

If you have a windfall of £26k, then you can't pay it (all) into an ISA, so unless I'm missing a trick you'll pay at least basic rate tax on that 3.25%, which brings it to 2.6%

I would pay off the millstone myself