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ISA Mortgage - early cash in Question
pelfed
Posts: 8 Forumite
I have had an Flexible ISA mortgage with L&G since the year 2000 (with no penalties after 2 years).
So far, over 5 years, I have paid in £135 every month, so bringing the total to
£8100.
I've decided I want to cash this in early to pay off some debts and switch over to a repayment mortgage.
I've contacted L&G and on the phone I was told that I could withdraw either a partial amount or the full amount, when I asked what the full amount was I was told £7100?!?!?
Now I'm confused - I was expecting at the very least my investments would be worth £9000.
So far, over 5 years, I have paid in £135 every month, so bringing the total to
£8100.
I've decided I want to cash this in early to pay off some debts and switch over to a repayment mortgage.
I've contacted L&G and on the phone I was told that I could withdraw either a partial amount or the full amount, when I asked what the full amount was I was told £7100?!?!?
Now I'm confused - I was expecting at the very least my investments would be worth £9000.
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Comments
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There was a stockmarket crash between 2000 and now so there is no reason to expect that you would have broken even yet in such a short term.
For the purpose of mortgage repayment, the stockmarket crash in the early years is great news for you as you get to buy units much cheaper than they were previously.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
No you don't. You have a Stocks and Shares ISA with which you intend to pay off your mortgage. There is no such thing as an ISA mortgage, or a mortgage ISA.pelfed wrote:I have had an Flexible ISA mortgage with L&G since the year 2000 (with no penalties after 2 years).
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