Opening (and closing) an ISA

[liamjford]

Hiya,

I need to open an ISA for my mortgage providor (I am going interest only, and they want to see that I am putting the money aside to pay of the debt)

I need to know... what do I need to open an ISA (what ID, what proof of address)

Also can I increase (and decrease) the ammount i pay into the ISA? And if things change can i close the ISA?

[factor-fiction]

If you are going to have to put the money aside to satisfy the mortgage provider then I think you might as well take out a repayment mortgage (instead of interest only) as the mortgage interest will be lower. The interest you save on the mortgage will outweigh teh savings you would have got in an ISA.
Discuss.

[pedigreechum]

I would strongly consider an offset mortgage where you have a savings account or current account linked to your mortgage.

This means that each month your interest repayments are reduced by the equivalent of your savings interest.

e.g. a �100,000 mortgage with �10,000 savings attached to it would only accrue interest on the �90,000 remaining.

In effect you get the same savings rate for that �10k as your mortgage rate.

It is also very flexible compared to an isa as you can move money in and out easily.

[dzug]

In terms of Id you need to prove WHO you are and WHERE you live. Most providers should be flexible as to how you do this.

eg passport or driving licence for who you are. DWP letter often accepted as well.

utility bill (or two) for where you live.