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Should I cash in ISAs and Investments to reduce my remortgage?
Sir_Harry_Pearce
Posts: 11 Forumite
I am getting close to remortgaging and will need to borrow 226k.
I am looking at the Post Office 5 year fixed at 2.99%.
I have about 20K in cash ISAs with Santander. These currently earn 1.75%.
I also have around 20K in equities and other investments. No idea how much they earn.
I realise that I should keep some cash in saving for emergencies but would it be a good idea to cash in the investments and part of the cash ISAs - around 30K, so that I only have to borrow 196k? I am trying to consider the interest I pay on the mortgage and the interest I will gain from the Cash ISAs and investments.
Many thanks in advance.
I am looking at the Post Office 5 year fixed at 2.99%.
I have about 20K in cash ISAs with Santander. These currently earn 1.75%.
I also have around 20K in equities and other investments. No idea how much they earn.
I realise that I should keep some cash in saving for emergencies but would it be a good idea to cash in the investments and part of the cash ISAs - around 30K, so that I only have to borrow 196k? I am trying to consider the interest I pay on the mortgage and the interest I will gain from the Cash ISAs and investments.
Many thanks in advance.
0
Comments
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I think assessing the equities and "other investments" you have would be the first step. They might be working harder than your ISA.0
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Will check the investments. How about the cash though?0
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If you have an emergency fund that would last you six months. Then above this level pay down the mortgage.
Is your mortgage interest only or repayment?0
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