mortgate completion

cliftonlad

Apologies if this has been answered elsewhere - couldn't find anything. I am 10 months away from the end of my 25 year mortgage. I have a mixture of ISA and funds investments to pay it off (£62000). At the moment the investments are around £5000 short - what is the best advice in this situation? Ask the bank to extend the term? borrow for the shortfall? All advice gratefully received.

fairytale1

cliftonlad wrote: »

Apologies if this has been answered elsewhere - couldn't find anything. I am 10 months away from the end of my 25 year mortgage. I have a mixture of ISA and funds investments to pay it off (£62000). At the moment the investments are around £5000 short - what is the best advice in this situation? Ask the bank to extend the term? borrow for the shortfall? All advice gratefully received.

i think extending the term on a repayment basis will be cheaper than a loan.

cliftonlad

Thanks for that - I was thinking the same, but am getting hung up on the psychological 'end of mortgage - must hit it' kind of thing.

grogdog

you dont have to do anything straight away, you can wait until the mortgage is up, and either pay them what you have and then move the 5k to repayment for 1 year which you will probably pay the same as you are now for your mortgage +isa's. so it could be alot worse.

cliftonlad

Many thanks grogdog, sounds good to me.