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General question. Saving or MF?
nkomp18
Posts: 193 Forumite
Hello,
I have a 67k mortgage left to repay and so far my monthly payments are only £350 a month (which will drop after my next overpayment in July).
At the same time I have about £40k savings in an ISA.
I am struggling to figure out what is preferable, to get rid of the mortgage or to save or a combination of both?
So far I am doing a combination of both, but is there a way to actually get a clearer picture?
Interest rates seem to change so there's no certain way of knowing, but the ISA savings are cumulative so in the long run I sense that it would be a shame to lose on the tax free income.
Anyone who has figured this out? Thanks!!
I have a 67k mortgage left to repay and so far my monthly payments are only £350 a month (which will drop after my next overpayment in July).
At the same time I have about £40k savings in an ISA.
I am struggling to figure out what is preferable, to get rid of the mortgage or to save or a combination of both?
So far I am doing a combination of both, but is there a way to actually get a clearer picture?
Interest rates seem to change so there's no certain way of knowing, but the ISA savings are cumulative so in the long run I sense that it would be a shame to lose on the tax free income.
Anyone who has figured this out? Thanks!!
0
Comments
-
Depends on the interest rate.
If you're getting more interest in the ISA than your mortgage interest rate, then you could be better off as you are.
Also, you could look into an offset mortgage as that will allow you to do both.0
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