Reduce amount required for remortgage?

mikeassured

HI,

I am in the processing of remortgaging and have found a deal I am happy with. However, I have some money from a cashed in endowment I put into a maxi isa 4/5 years ago which has only recently recovered its value :j If I use this money towards my remortgage it will only make £25 a month difference to repayments, so would I be better hanging onto the £3500 in the maxi isa and hope it continues to improve, or reduce the amount I need to borrow now?

Any comments gratefully received.

Thanks

lipidicman

now, where is my crystal ball..........

we have no idea what the maxi isa is invested in and so I dont think that you will get any sensible advice.

mikeassured

The money is invested in Newton Managed fund.

GIRLPOWER_2

how many months will the re mortgage be over???

GIRLPOWER_2

what I would do is add up how many months the re mortgage is over and x by 25.00.. then deduct the 3500 and what's left is what you will save by using that money. I suspect you will be better off using it.... let us know.

lipidicman

Ok, but that ignores any gains you may make by keeping the investment. You are being pretty pessimistic and assuming a zero gain from now on.

GIRLPOWER_2

lipidicman wrote:

now, where is my crystal ball..........

Now thats not very kind!!!

lipidicman

Sorry, not kind to you? For saying I couldn't predict the returns, then saying you had ignored them? OK fair enough, you dont know the returns, but maybe you shouldn't ignore them completely!

rchddap1

One other comment to consider. I don't know if you have any other savings. It is usually advisable to have a fund for emergencies.

lipidicman

Yes, but you shouldn't keep these in a index linked equity investment!

rchddap1

I know. Just something I thought worth adding...just in case.