£160k and where to put it!

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  • ellives
    ellives Posts: 635 Forumite
    edited 17 July 2017 at 7:13AM
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    Great - a solution. I've used some of the funds to pay off 10% of the mortgage and will pay it all off when I die and thus avoid the ERC - result!

    Now to get organised re: short term gain from the remainder - I aim to follow xylophone's advice.
  • RADDERS
    RADDERS Posts: 241 Forumite
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    ellives wrote: »
    Sadly not as there is a significant ER fee. On this point t it is a 5 yr fixed - March 2017 (crap timing) with NW - do they ever show ant mercy if the circumstances are like mine? And reduce the ER fee?

    I used to work for a Building Society, if funds were received from insurance in the circumstances that you have described we would waive the Early Redemption fees.
    I would ring your provider and double check with them.
  • ellives
    ellives Posts: 635 Forumite
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    RADDERS wrote: »
    I used to work for a Building Society, if funds were received from insurance in the circumstances that you have described we would waive the Early Redemption fees.
    I would ring your provider and double check with them.

    My wife will use my death in service payment plus crit payments to clear the mortgage so that'll work.... thank you all - this has been very useful at a difficult time.
  • Clive_Woody
    Clive_Woody Posts: 5,855 Forumite
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    ellives wrote: »
    My wife will use my death in service payment plus crit payments to clear the mortgage so that'll work.... thank you all - this has been very useful at a difficult time.
    I would suggest talking to NW now, I've had mortgages with them for some time and they seem a reasonable bunch to talk with. This may help when the time comes and make it easier for your wife rather than her having to explain the whole situation when she will be very upset.
    "We act as though comfort and luxury are the chief requirements of life, when all that we need to make us happy is something to be enthusiastic about” – Albert Einstein
  • ellives
    ellives Posts: 635 Forumite
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    Thank you - perhaps I need to do this after all - sounds like good sense.
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