We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Saving with a L&G Flexible Mortgage Plan ISA

Options
Hello,

Just looking for a quick pointer as to whether or not my existing L&G Flexible Mortgage Plan ISA could be used as a regular saver account.

I am in the fortunate position of having paid off my mortgage, so this account will hopefully be a nice windfall in a few years time.

I have paid £18k in after 16 years, and the latest statement has a value of £24.5k.

My question is, would it be better to pay some extra into this account, or can I do better elsewhere? There are 9 years remaining until maturity.

Any suggestions are most welcome.

Kind regards, Stephen.

Comments

  • dunstonh
    dunstonh Posts: 119,641 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Just looking for a quick pointer as to whether or not my existing L&G Flexible Mortgage Plan ISA could be used as a regular saver account.

    It is not a savings product but an investment product. It isnt a great investment product as choice is poor and charges are a bit high by modern standards but you could do worse.
    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.
  • Great! Many thanks for the quick response.

    I was thinking that as I'm paying the charges anyway, it's no great hardship. Presumably, setting up something else would potentially mean another lot of charges.
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 350.9K Banking & Borrowing
  • 253.1K Reduce Debt & Boost Income
  • 453.5K Spending & Discounts
  • 243.9K Work, Benefits & Business
  • 598.8K Mortgages, Homes & Bills
  • 176.9K Life & Family
  • 257.2K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.