Due to Receive a Small Cash Injection

soulsaver

You're single? Joint acs would give you more TSB(maybe) NWide acs @ 5% & Tesco @3% if OH doesn't already have them.

And there is no point in the cash ISA @0.8% - you wont be paying tax on them savings if you've not got more stashed somewhere.

Paying down mortgage seems a sensible idea if rate makes sense.

Cotta

soulsaver wrote: »

You're single? Joint acs would give you more TSB(maybe) NWide acs @ 5% & Tesco @3% if OH doesn't already have them.

And there is no point in the cash ISA @0.8% - you wont be paying tax on them savings if you've not got more stashed somewhere.

Paying down mortgage seems a sensible idea if rate makes sense.

Yes single, I thought I could get the second Tesco account under my own name?

chockydavid1983

I have 2. Pretty sure that's still the case.
What's your current mortgage rate? May be worth keeping in cash if you can beat or get close to your mortgage rate as return to have it available for flexibility. You can always put the cash into at renewal time anyway.

MEM62

Cotta wrote: »

I have my mortgage renewal in February 2020 and I would like to have as much as possible to reduce this.

Why? The returns on much your savings is making you more than you would pay in interest with most typical market mortgage rates.

soulsaver

Cotta wrote: »

Yes single, I thought I could get the second Tesco account under my own name?

You can.. but you could have had 4 (2 ea) as a couple.

Cotta

MEM62 wrote: »

Why? The returns on much your savings is making you more than you would pay in interest with most typical market mortgage rates.

4.69% is my current rate.

chockydavid1983

OK, probably makes sense to pay it down as much as you can then, while still leaving yourself a decent emergency fund. That rate is higher than all but the 5% accounts available.

Cotta

chockydavid1983 wrote: »

OK, probably makes sense to pay it down as much as you can then, while still leaving yourself a decent emergency fund. That rate is higher than all but the 5% accounts available.

My renewal could be around 2.63% for three years based on current rates but that's a little bit away yet.

Alexland

Cotta wrote: »

4.69% is my current rate.

Ouch definitely something to pay down as much as you can without penalty and try and get to a better LTV for your next mortgage deal. Just keep enough working cash for eventualities as once the money goes into the mortgage they might not lend it back again depending on the terms, their appetite for further lending and evolving view of your property valuation.

Alex