Tradefair & Financials
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If you guys had 10k in a stocks and shares ISA which was rising slowly would you cash it in and use it to overpay on your mortgage? paying 6% unfortunately on the 22k I have left to pay on it.
Pretty sure I ll be going to uni in Sept hence wanting to get mortgage right down as wont be earning much and will obviously save in intrest payments.
Thoughts most welcome TIA
Pretty sure I ll be going to uni in Sept hence wanting to get mortgage right down as wont be earning much and will obviously save in intrest payments.
Thoughts most welcome TIA
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It is a simple value equation as to whether you feel your ISA investment will return more than the APR you are paying on your mortgage.
Also depends on your attitude to risk given your capital investment can go up as well as down. If you had a cash isa then I would be very tempted to pay off mortgage. |
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Its with CIS which are sh1t I know. It ll go up over next few years but cant deciede hence asking other peoples opinion.
How can I work out what interest I am paying each month? will drop to svr in oct 2012 so another28 months at least @ the 6% |
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have to make some assumptions
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Use one of the many online mortgage calculators to 'crunch' the numbers.
http://www.online-calculators.co.uk/interest/loanrepayment.php |
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well assuming ftse rises to 6500 points by this time next yr (poss wishful thinking) my ISA will be worth £1250 more I doubt I d pay that in interest over the same period on my mortgage but this is just ifs and buts and my opinion.
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