Please bear with me - ISA questions

jimjames

Yorkie1 wrote: »

Personally I would always make sure I had 3-6 months' expenditure in emergency savings before looking to overpay my mortgage - particularly, as I said, as there's no pressing need for it to be overpaid.

I guess it depends on the mortgage and if you can take overpayments back out again.

One of ours you can, the other you cannot so we always overpay the one where we can withdraw funds if needed. Other than that we have a bare minimum as cash savings and no cash ISAs.

If you can get overpayments repaid there doesn't seem to be any reason not to pay against the mortgage.

debjam

Well have opened the Flexdirect and will have wages paid in along with £500 that will bounce backwards and forwards for the next 12 months from my existing current account.

Have worked out that if I transfer £2.5k from my ISA into the flexdirect to keep the max amount for 5% interest each month, I can still transfer the rest of our ISA amounts to new ISAs just in case we get any other money come in and can squirrel away there just in case I get extra hours and start getting close to the threshold.

So I think I have covered all bases now :j- overpaying on mortgage, ISAs still ongoing (though a little less in this years transfer balance and probably not going to be added to this year), very good interest rate on our "emergency fund".

Sorry this seems to have gotten away from ISA topic though, but thank you to those who posted with suggestions and comments.

anoncol

Sounds like a good plan to me .

saintalan

Well done debjam you can have tomorrow off :-)