Transferring stock & shares ISA to cash ISA, can i also open another cash ISA

DontCountChickins

Hi

I am new to this so sorry in advance

The wife and I took out a flexible mortgage FMISA some 20 odd years ago to pay off the mortgage loan the L&G product
(S&S ISA Package)  was initialally held by the life insurance company its now almost at maturity where my wife and myself can cash in the FMISA. we have been given one of two options, we can transfer the money out into a nominated bank account in the policy holders name or do nothing and the FMISA stocks & shares remain with a well known financial establishments as L&G moved it on a few years ago. we have not had a stocks and shares ISA before. We had paid off the mortgage but had kept the FMISA payments going, which also provide some insurance cover (life/illness) similar to ctokst scenario.

The money transfer option is not fortunately required at the moment, so we had considered just letting the transfer go ahead I rang up the financial establishments where the stocks and shares would be held in my name and my wife would have her own account, there are effectively the same value. I don't intend to fund the S&S ISA once the transfer is made. There is a £90 annual fee per annum for the maintenance of the account.

I was wondering how resilient these type of S&S products were as I was worried that if say hundreds of people had taken out the same product FMISA at the same time as we did all those years ago and that they were maturing as well as ours and if the other hundreds of people were to sell thought the first option i.e. opt for the money assuming that  the product FMISA S&S would it drop in monertary terms? Is there anyone who kept the FMISA S&S in a similar scenario and can share their experience. 
 

we only have a couple of weeks to submit our option.

Thanks you and sorry for any wrong terminology

jimjames

The value of a few ISAs being sold isn't going to impact the value of global (or even UK) stockmarkets so I don't think you need to worry about that.