To Pay Off or Not?

edinburgher

I had also noticed the lack of pension provision, but thought it best not to pry as some people are vehemently against using them as a result of some well-publicised scandals and tax raids.

Investing in a stocks and shares ISA could be a good option if the OP wants to retain more control over his investments in the shorter term.

As it stands, the interest from the cash ISA might be an income, but a tiny one (£55-70/mth, something like that)?

unhappy_shopper

No, don't touch your ISA. It cannot be replenished once it comes out. Not only that when you compare the interest rates of ISA vs mortgage/savings, you should take into account your tax savings too.

IMHO, the best option is to repay a portion of your outstanding mortgage with the savings in other lower-paying savings accounts (Please keep some money aside for emergencies) and then continue overpaying so that you are shot off the mortgage at the earliest. HTH.

laudo

Thanks for replies.

I have a deferred police pension, which I get at 60years. 15 years to go, and nothing to pay into it.

So I should go on as I am, max out my ISA each year, hopefully every year for the next 15-20years to use alongside my pension?

Obviously next 3years will be 'tighter'

Sepa74

I think that sounds like a plan. That way you have your three retirement planks - property, savings and pension.

You can always overpay your mortgage so you get shut of it quicker, just don't sacrifice ISA savings to do it.

Good luck!!