Early Retirement

Monita56

Roger175

Thank you for your response, and yes, that was my concern re putting the £75k into a 1 year fixed NS&I savings account, but if it was the income bond account, the monthly interest of 6.02% would hopefully pay for the increase in my mortgage payments until the end of the maturity date (plus it should be less than £79k, as I will have paid an additional 8 payments). I would then still have the lump sum to pay it off if there were no fixed rate mortgage deals that were at a lower rate than the savings rate?

However, following on from xylophone's response, it may be wiser to look at depositing the £75k into a savings account with Shawbrook or, I've seen info today stating that Ulster Bank (who are part of NatWest, my current mortgage provider) are offering an easy access savings account that pays 5.2%! 

I've already put £20k in a 1 year fixed rate ISA with Virgin Money, which offers 5.85% interest for existing customers.

Monita56

Macgomez1 said:

Sadly not this year for me. Spoke to financial advisor today. Of my 5 pensions and 1 fidelity account 3 can be pulled together, 1 the exits fes are almost 1/3 of the value and yhe other 2 are DB... giving almost £6k with Scot Wid and £7k with other.... can't touch till 65
So have decided to work on till 60. Only 2 years to go....

Sorry to hear this 😫