Do I need some financial guidance?

Exodi

madlyn said:

I over pay my mortgage by £60 each month.
Pay into my work pension 5%, I think the maximum is 6%
£20 a month into an old work pension with Aegon, just to keep it ticking over.
£20 a month into each of the following, Marcus and Coventry building society EA accounts and a nationwide start to save issue 2
£10 a month into a vanguard SIPP and S&S ISA
I also have a nationwide ISA with a small amount in, just to keep the account open if needed.
I also do the MSE £2 savers club and SPC.

My home is a shared ownership property, so once my mortgage is paid off, I will still have a rent to pay each month to the housing association. And I have around 9k left on my mortgage.

I expect you already know this scatter-gun approach is not sensible hence this thread.

I see you said your mortgage rate is higher than you could realistically get on EA savings, so if it was me, I wouldn't put £20 here and £10 there, I would first put a sensible amount into your primary pension, make sure I have a reasonable contingency fund (at least a few grand in the top paying EA account - currently Tandem at 5%) and anything else I would funnel into overpayments.

Also if your Aegon pension and your current provider are both DC pensions, I'd transfer the old pension into the new.

fletcher1985

i had a shared ownership and the rent used to go up about £30 per month each each i eneded up paying more rent then mortgage. my view would be to staircase to 100% and get rid of the rent.

i feel shared ownership is best for staircasing to 100% as i bet the rent will be a lot higher in a 10-20 years time. 

Richard1212

I think Exodi has said everything I think about the  poor scattergun approach. Also, I agree with fletcher about the rent aspect. I have nothing to add except to suggest that you keep money in the 3 or 4 Easy Access Accounts that have a history of being very competitive on a regular longstanding basis ( my £100,000 Easy Access funds are currently in Shawbrook ( but I use a couple of others as a standby in case % rate jumps significantly in their favour); Exodi's suggestion of Tandem is one of the consistently best performers.
 
I am guessing ---especially from your savings' figures-----that your income is on the low/ average side so your pensions + State Pension will be very important to you ----a good reason to concentrate on your primary pension and transferring the Aegon one. All the best.

wjr4

fletcher1985 said:

i had a shared ownership and the rent used to go up about £30 per month each each i eneded up paying more rent then mortgage. my view would be to staircase to 100% and get rid of the rent.

i feel shared ownership is best for staircasing to 100% as i bet the rent will be a lot higher in a 10-20 years time. 

Completely agree with this 

madlyn

Thank you all for the comments/advice.
I have started the process of moving my Aegon pension into my work pension.
Although I've been dubious of app only accounts, I'm opening a tandem account this evening and will look and reducing/stopping some of the payments to my other savings accounts.