I have no savings, investments i am 50 and want to start some kind of saving plan.?
I also have a interest morgage and what some kind of savings plan which can help pay mortgage at the end of the term. Where do i start and what are my options.
I am divorced and was left with nothing.
You should firstly build some cash behind you. Cash ISA is the best way to do so since the interest is tax free. with regard to your mortgage you have two options: One is to convert to a repayment mortgage; the other is to set up a savings product which will provide sufficient capital to repay the mortgage at maturity.
The first option is generally best since it guarantees your mortgage will be cleared. The second requires investment risk to be effective. This could mean your savings plan builds quickly and you can repay your mortgage quicker than a repayment option. However it could build slowly or fall in value in future, meaning there is insufficient capital to repay the mortgage at maturity.
Disclaimer:
The answers above are for guidance only and should not be acted upon without you receiving independent financial advice relevant to your circumstances. To find an IFA please go to http://www.unbiased.co.uk
