Cash in Isa and pay off mortgage early or wait 7 years?

Hey_Dude

My remaining mortgage is about £28,000 - this is about 75% interest only and 25% repayment terms. My original mortgage was for £65,000 and I havr 7 years out of 25 left until redemption - 2020.

I started an Isa with my mortgage and that had a target of the 65k. For the first time ever the Isa has topped £30,000!

I don't know if I should cash in the Isa and clear the mortgage or carry on as is in the hope that the Isa grows and gives me a bonus in 7 years time.

Currently I pay about £200 a month on mortgage and Isa payments - that will be another £17,000 over the next 7 years.

Any thoughts Dudes? MTIA

Hey_Dude

Hey_Dude wrote: »

My remaining mortgage is about £28,000 - this is about 75% interest only and 25% repayment terms. My original mortgage was for £65,000 and I havr 7 years out of 25 left until redemption - 2020.

I started an Isa with my mortgage and that had a target of the 65k. For the first time ever the Isa has topped £30,000!

I don't know if I should cash in the Isa and clear the mortgage or carry on as is in the hope that the Isa grows and gives me a bonus in 7 years time.

Currently I pay about £200 a month on mortgage and Isa payments - that will be another £17,000 over the next 7 years.

Any thoughts Dudes? MTIA

Bad form replying to your own post....but can any of you financial Dudes help me with this at all??

Thanks,

Duder

sweetilemon

I'm no expert but if you earn more interest than you pay, keep it, if not, consider paying your mortgage off. However, don't pay off your mortgage if it will leave you short of emergency cash. No point in being mortgage free but getting into higher rate debt. Well done for saving!

elantan

how much do you think the bonus would be ?

i think you would need to sit down and work out your figures and see which would be best for you, then maybe weigh that up against the way you would feel about being mortgage free

good luck whatever you decide