This Is The Answer You've Been Searching For

Got a burning question about your finances? Here's how to get the answer....

It has been almost a month since the Fool launched Q and A. The idea behind the funky Foolish tool is to allow you, our readers, to ask any finance question you like -- and get an answer ASAP. 

After all, the Fool has a huge community comprised of thousands of highly knowledgeable financial experts. By collating together all your collective knowledge, we hope to help Fools help each other .

Of course, you don't have to be a finance expert to answer a question. You can just air your views, offer another perspective, or even provide a suggestion based on your own experience.  And you can do all this totally anonymously if you wish.

Does it work?

Obviously, it's early days yet. But over the past two weeks, nine out of 10 questions posted have been answered, suggesting more and more people are finding solutions to their finance problems.

The most popular topics so far are investing, pensions, banks, credit crunch issues, and mortgages. But you ask a question on any financial topic you like.

There's also a `best answer' box which means if someone has posted a really good answer to your question, you can select theirs as the best answer.  That person will then get a best answer point.

Of course, you should still use your common sense when looking at the answers to your questions, as not every answer will be right. And, if you're still stuck, you could always trying searching our archives for a relevant article by experts on the Fool.

Most Popular Questions

Having had a good read through some of the questions and answers that have been posted on the site, I have selected some of the most popular questions so far:

I have approximately £15,000 in a tax free ISA with Fidelity. I also have £17,000 outstanding on my mortgage. Should I cash in the ISA and clear the mortgage?

There have been three interesting and informative answers to this, with the `best answer' pointing out it depends on your attitude to risk and what other assets you have. The user also points out that `arguably if you keep the debt, it's only small and will decrease in real terms with inflation, and if you sell the shares now, you're cashing at a low point and will be missing out on a potential recovery.'

However, another user suggests paying off £15,000 of the mortgage and keeping £2,000 on the mortgage. (Read all the answers.)

Under the current market conditions, is now a good time to purchase my first home or should I hold out a little longer?

This is a highly debatable topic, and we have had three good answers so far. One user believes waiting is best because prices haven't fallen far enough yet, while another user believes if you have found a place you like and can afford it at current valuations, then you should go for it. (Read all the answers.)

For further tips on whether it's the right time to buy, you can also check out recent On The Money video podcast on this very topic as well as Neil Faulkner's article The Time To Buy Property Is Now. 

Is regularly swapping ISA accounts worth it? I have recently transferred my ISA to get a better rate. This seemed to take ages and whilst the transfer is going through I lose interest. Is it really worth switching to the high rates for a year then switching again?

Yet another set of three informative answers to this question. One Fool very sensibly points outthat it all depends on the rate you are currently getting on your ISA and the new rate from the new provider.  

Another user suggests talking to both banks, old and new, to get an idea as to how long the transfers are currently taking, and if it ends up taking longer than this, complain! (Read all the answers.)

So what do Fool experts think? Transferring ISAs should get quicker in the future, according to this article by Jane Baker.

Just for fun

Finally, for a bit of fun, here is another top post we have had on Q and A:

Financial phrases we won't hear again for a while!

There have been lots of responses to this, with suggestions including $200 oil, 100% mortgage, and The Golden Rule. You can read all of the suggestions here and of course you can also add your own.

So why not check out the Q and A tool and ask some questions yourself! You never know, you might get the answer you have been searching for....

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