I need help as my head is spinning

JoeK_3

[/quote=Wyndham;5549795] HI JoeK. Can you expand on this a bit as I'm not sure why you say this. They are cash ISAs, and I see them very much as a way to save cash at a good rate, nothing more. What's the long term value?
[/quote]

You do not say if you intend to cash in your cash ISA's to use the accumulated savings to offset the mortgage.

You need to check if your lender wiill allow your existing ISA's to offset the mortgage.

The point that I was making about the long term benefits, is that if you maintain your existing cash ISA's you will be able to take a tax-free income from them for life, well past having paid ypur mortgage off.

Wyndham wrote: »

My problem is that I want to pay my mortgage off as quickly as possible, and there seems to be some sense in putting as much as I can into it, especially if it's still 'savings' so I can get it out if I need to. I think this is the attraction of offsets for me.

You have an excess of £700 per month to throw at the mortgage, is that not enough?

Wyndham wrote: »

I looked at CAMs as well, but they seem to have higher rates, and I'm not sure it's what I want to do. So I'm looking at offset mortgage, just with a savings account.

Offset mortgages only start working properly at £30,000 savings level and a good cash ISA will bring in 6%+ at the moment. You could achieve the same thing if you found a good 5-year fixed rate of say 5.84% or a similar capped rate with an good overpayment facility.

JoeK