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Changing from endowment - options?
Pretty_Thing
Posts: 23 Forumite
I have just had a small result with the Ombudsman, and Bradford and Bingley have agreed to settle my complaint.
I have a small £12700 endowment mortgage - the policy is with Standard Life.
B & B have agreed to pay about £1400 towards my shortfall and with a little capital from me, I intend to bring the outstanding amount down to £10000.
I am leaving the Standard Life policy to run its course, and this will net me around £7000 in 9 years time.
I would like to pay off the £10000 as soon as possible. and need to consider my options. Whatever happens - I will be leaving B & B !
I dont want to take out a repayment mortgage over the full 9 years that my existing mortgage has left to run.
If I choose a repayment mortgage it will be over a shorter term.
I want to know if it would be possible to pay off the £10000 using an interest free credit card account, then pay as much off as I can every month - obviously meet minimum payments, and then transfer the balance at the end of the interest free period to another card.
I have a reasonable salary, and very secure employment.
Has anyone adopted this option? are there any pitfalls?
Is there a better option?
I am ashamed to say that I am very poor with financial matters - hope someone can offer some advice !
TIA
I have a small £12700 endowment mortgage - the policy is with Standard Life.
B & B have agreed to pay about £1400 towards my shortfall and with a little capital from me, I intend to bring the outstanding amount down to £10000.
I am leaving the Standard Life policy to run its course, and this will net me around £7000 in 9 years time.
I would like to pay off the £10000 as soon as possible. and need to consider my options. Whatever happens - I will be leaving B & B !
I dont want to take out a repayment mortgage over the full 9 years that my existing mortgage has left to run.
If I choose a repayment mortgage it will be over a shorter term.
I want to know if it would be possible to pay off the £10000 using an interest free credit card account, then pay as much off as I can every month - obviously meet minimum payments, and then transfer the balance at the end of the interest free period to another card.
I have a reasonable salary, and very secure employment.
Has anyone adopted this option? are there any pitfalls?
Is there a better option?
I am ashamed to say that I am very poor with financial matters - hope someone can offer some advice !
TIA
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