Or... the annual interest earned on £5.5grand in a high interest ISA will be more than £169/year
Best cash ISA rate ATM is 2.8% AER = £154 per year
The thing is we have a car that every MOT costs us at least £600 is rusting and has developed a few probs as well and is due for another MOT this summer and there were issues with the braking last MOT which will need doing this time, so a lump sum for a car would be soo tempting, as living in a small village 7 miles from town and four childre our car is vital, but as mentioned it could go into his work pension, Oh the dilemma
If you need the money badly now....then fair enough..... however it is pension money that he saved at the time for retirement, I would want to tuck it away if I could.
Have you paid off your mortgage? Might be better putting it into the mortgage, most let you pay 10% or so extra off the capital per year. This would reduce your monthly mortgage spend meaning you would have money to increase existing pension / car / bike payments.
We rent, almost bought once then I chickened out just in case Dom lost his Job, he lost it about 6 months later. So I have never had the courage to get a mortgage since.
We'll have to think Long and hard about it.