Half and Half mortgages

katyk_2

Hi
can anyone advise if there is a mortgage comparison site which allows me to compare non standard mortgages? They all seem to make you select either repayment or endowment but ours is roughly 30% endowment and 70% repayment and we would almost certainly keep it that way. Also endowment is due to mature in 9 years but repayment part will not be complete for 14.
Not sure how house prices are going round my way but mortgage is probably worth about 50% of house value
Thanks
Kath

_Andy_

A way round that would be to get a quote for the interest only side, and one for repayment (on their respective terms), then add them together/

opinions4u

Why not consider removing the link between the endowment and the mortgage and, if finances allow, going on to full repayment, perhaps with an 11 or 12 year term?

This removes any risks of the endowment under-performing and not fully clearing the appropriate chunk of mortgage.

You then have a separate decision to make as to whether to retain the endowment as a separate savings/life cover plan.

If cashing in the plan early is the right thing to do, you could reduce the mortgage debt, and use the premium savings to increase the mortgage payments.

If you post the latest projected returns for the endowment, I'm sure EdInvestor and Dunstonh will point you in the right direction.

katyk_2

Thanks

Dont have the projected figures to hand but it is doing appallingly. It was originally taken out to cover £40000 but we have altered the mortgage already so that we only expect it to cover £20000 (about 5 years ago). Hoping it should at least cover that!

Feel if I convert all mortgage to repayment I would be bound to end up paying much more and would struggle hard to do so.

Will keep ideas in mind though

Regards
Katyk

dwsjarcmcd

katyk wrote: »

Thanks

Dont have the projected figures to hand but it is doing appallingly. It was originally taken out to cover £40000 but we have altered the mortgage already so that we only expect it to cover £20000 (about 5 years ago). Hoping it should at least cover that!

Feel if I convert all mortgage to repayment I would be bound to end up paying much more and would struggle hard to do so.

Will keep ideas in mind though

You need to take advice on what I'm about to suggest but if your endowment is doing appallingly, why not surrender or sell it, use the money to reduce your mortgage and convert it all to a repayment loan.

Clearly there are things you need to be aware of such as loss of life cover, penalties for overpayments etc but may be worth considering.

David

The_Unready

Hi,

Try this site:

http://www.contractoruk.com/money/mortgage_calculator.html

You can enter details of the repayment and interest-only elements of the mortgage at the same time.

The Unready