Following on from the very helpful advice I received on another thread, I will soon be paying off a large chunk of our interest-only mortgage.
I've been in contact with my lender, and everything's looking straightforward. I do however need to set up a stocks and shares ISA to satisfy the lender that we have an 'acceptable' repayment plan in place to cover the remainder of the balance. Even though I intend to pay off chunks from time to time, and possibly take in a lodger to help pay off the remaining capital, the lender still needs to see evidence of this repayment vehicle as a formality.
I'm familiar with cash ISAs (I have several), but not stocks and shares ISAs. I've been looking on the Money Advice Service and am getting my head around them - slowly - but still feel somewhat as though I don't know where to start.
Which do I choose? How quickly can I set one up? Are they even likely to grow much for a while, after some of the key markets had such a good year last year? What kind of thing would be good to invest in at this point in time?
I'd really appreciate some advice with this, as I'm massively out of my sphere of knowledge.
Thanks.
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Stocks and shares ISAs - mortgage lender insisting I have one, and I'm a complete novice. Help?!
12 replies
FungalToeBogeyman · 18/01/2014 16:02
OP posts:
MarkSekree ·
21/01/2014 15:37
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