ISA/PEP advice wanted

mandrews_2

Hi,

I'm after a bit of advice on where I can invest my current ISA and PEP. I've got an A&L cash ISA (no money paid in this tax year) and a Schroders PEP. I've also got a stocks and shares ISA that is linked to paying off my mortgage which I pay £90 a month into.

What I'd like to do is reinvest the cash ISA and PEP into some other more adventurous funds and keep it in its tax free form. I just want to choose a few managed funds and keep it all wrapped up in the ISA if possible. Hargreaves lansdown looks like the way forward, I'm just wondering what the rules are regarding doing this and keeping my payments going with mortgage linked ISA?

Thanks.

RichyRich

Your stocks 'n shares ISA I presume is like an endowment policy to pay off an interest-only mortgage. I would therefore suggest that this will probably be a contractual condition of retaining your mortgage so I wouldn't think you'd be able to move this without the mortgagee's permission.

You can only have two Mini ISAs (one cash, one shares) per tax year so you can't do anything with your current Stocks 'n Shares ISA while you're still paying into it, presuming it's linked to your mortgage. With reference to your PEP if you're wanting to change the investment vehicle it's linked to I'd suggest you need to speak to either the providor or get advice from an IFA to see if this is possible.

dunstonh

once the ISA is transferred, the new provider has "this years" allowance so you can start the regular after that. Not before.

PEPs are now ISAs so that can be transferred as well (could be before as well but now it will be transferred as an ISA not a PEP).