2 questions.1/What's the best mortgage-protection? 2/Would I be wise to put my money into the "saving pot" part of my Abbey Mortgage at the moment?

[eighteenstonesix]

[Thankyou in advance]

It depends on the terms and conditions of the savings pot, in my opinion. Would you be able to get the money out easily if you had a couple of months when money was short? Or would Abbey keep it for the mortgage leaving you short of money for food and the council tax? What is the interest rate for the savings? Could you get a better rate in a cash ISA?

Not sure what sort of protection you are thinking of for question 1 - do you mean in case of illness? unemployment? death? But for question 2, no, the current advice is to separate your savings and debts as in the event of a bank going under, your savings will be offset against your debt before they calculate what you get back under the government guarantee.

As MrsTM says, it is all dependent on the terms and conditions of how Abbey will treat the 'savings pot'...

I would also shop around and be careful of mortgage protection - there are so many stories about how customers have been let down and policies not covering the conditions you would think would be fairly standard under the protection ..

On the other hand, if you do have a bit of spare cash at month end, you can't really go too wrong if you use the cash to put it towards paying off the principle mortgage amount ... the smallest figures add up and do cut the overall cost

well,we lost money once before in ISAs so don't think we'll be doing that again in a hurry...!

Hmm...didn't realize that about the savings being offset against our debt.Glad I asked before I fell into that trap!

As far as mortgage-protection,i'm talking about redundancy,sickness,unemployment and death..yes.

You cannot lose money in a cash ISA, only a stocks and shares ISA