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  • FIRST POST
    • Colinw63
    • By Colinw63 13th Jun 19, 9:06 PM
    • 6Posts
    • 0Thanks
    Colinw63
    Cashing in ISA to pay off Mortgage
    • #1
    • 13th Jun 19, 9:06 PM
    Cashing in ISA to pay off Mortgage 13th Jun 19 at 9:06 PM
    I contacted my provider in May for a value on my ISA mortgage and was pleasantly surprised to see that it was 29700. I asked for the paperwork to cash in as my mortgage is only 34500. I changed to repayment mortgage years ago but kept the ISA going as a savings plan. Plan is to use some savings to pay off in full.
    I completed the necessary paperwork and sent it off knowing that the value could possibly go down due to the normal market pressures. Anyway, payment has gone in to my account today and the value is only 26700. A drop of 10% in less than a month seems excessive to me, is anyone aware of a crash with HBOS shares?
    I asked at the time if there were any sort of charges and i was told not. I am going to call them tomorrow for clarification but just wondered if anyone knows if it is such a volatile market to lose 10% value in such a short space of time.
    Is it actually possible that the advisor could have given me an incorrect value in my initial call?
Page 1
    • dunstonh
    • By dunstonh 13th Jun 19, 9:52 PM
    • 98,597 Posts
    • 67,050 Thanks
    dunstonh
    • #2
    • 13th Jun 19, 9:52 PM
    • #2
    • 13th Jun 19, 9:52 PM
    . A drop of 10% in less than a month seems excessive to me, is anyone aware of a crash with HBOS shares?
    What do HBOS shares have to do with your ISA? Did you used to hold some in your ISA?

    What actually were you invested in?
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • Colinw63
    • By Colinw63 13th Jun 19, 10:06 PM
    • 6 Posts
    • 0 Thanks
    Colinw63
    • #3
    • 13th Jun 19, 10:06 PM
    • #3
    • 13th Jun 19, 10:06 PM
    I did not word that correctly. I did not mean HBOS shares, rather the value of the shares in the relevant HBOS ISA investment plan
    • Reed_Richards
    • By Reed_Richards 14th Jun 19, 6:17 AM
    • 587 Posts
    • 358 Thanks
    Reed_Richards
    • #4
    • 14th Jun 19, 6:17 AM
    • #4
    • 14th Jun 19, 6:17 AM
    An ISA is just a tax-free wrapper around an investment. If you can tell us what that investment actually was, specifically, then you will get a more rapid response than you will by waiting around until we find someone who knows enough about HBOS Mortgage ISAs to make an educated guess.
    Reed
    • Alexland
    • By Alexland 14th Jun 19, 12:58 PM
    • 5,762 Posts
    • 5,031 Thanks
    Alexland
    • #5
    • 14th Jun 19, 12:58 PM
    • #5
    • 14th Jun 19, 12:58 PM
    Have you asked your provider to explain the difference in value?
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