We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
📨 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!
Isa v mortgage
Options
G4rth
Posts: 2 Newbie
I have £20k in an isa and owe £19k on my mortgage..
Is it worth using the savings to pay the mortgage off, or paying £15K and a monthly surplus..
Is it worth using the savings to pay the mortgage off, or paying £15K and a monthly surplus..
0
Comments
-
I assume you mean a cash ISA so the rate is probably under 1%? If so what is the mortgage rate and are there any penalties for paying it off completely?
Do you have any other savings? It wouldn't make sense to have no emergency fund and need to borrow money again if you had an unexpected bill.Remember the saying: if it looks too good to be true it almost certainly is.1 -
My fixed rate comes to an end 30th Jan, the rate will be 3.59%..
I can get emergency funds if necessary..0 -
If the mortgage rate is that much higher than ISA interest then it's definitely worth paying off some of all of it. I can't see any fixed rate mortgage that will be lower than an ISA rate.Remember the saying: if it looks too good to be true it almost certainly is.1
-
Have you considered an offset mortgage?Nurse striving for financial freedom0
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.2K Banking & Borrowing
- 253.2K Reduce Debt & Boost Income
- 453.7K Spending & Discounts
- 244.2K Work, Benefits & Business
- 599.3K Mortgages, Homes & Bills
- 177K Life & Family
- 257.6K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards