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mortgage, part repayment, part endowment possible?
gentlepurr
Posts: 4,123 Forumite
hi
i'm looking at getting a £40, 000 mortgage, but i have an endowment policy that was for £33,000, although realistically its now worth about £25,000 (worst case scenario).
my question is, is it possible to get a mortgage where the first £25,000 is interest only, ie endowment only, and the balance of the mortgage £15,000 is the traditional?
only need this over 15 years, so any thoughts on specific providers would also be welcome.
many thanks
xx
i'm looking at getting a £40, 000 mortgage, but i have an endowment policy that was for £33,000, although realistically its now worth about £25,000 (worst case scenario).
my question is, is it possible to get a mortgage where the first £25,000 is interest only, ie endowment only, and the balance of the mortgage £15,000 is the traditional?
only need this over 15 years, so any thoughts on specific providers would also be welcome.
many thanks
xx
"It is not uncommon for slight acquaintances to get married, but a couple really have to know each other to get divorced." - Anonymous
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Comments
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yes, mix and match is very common and all providers should allow it.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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Nearly all lenders accept mortgages on a split basis now- Its very common, for the very reason you are doing it.I am a fee charging WoM Mortgage broker.I now no longer give information and opinion within the Mortgage boards, because a number of posters who, having approached me professionally, agreed my fee-which has been been made very clear at the outset, taken my advice (normally cancelling a [home visit] meeting at short notice) have then approached one of the fee-free brokers on here to arrange the very same deal I have advised.Whilst I totally concur with the ethos of "money saving"- abusing the goodwill of a professional who provides a quality service is taking it too far! :mad:0
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Indeed - should have no problems finding lenders to offer this to you.I am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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Not an expert...... but my mortgage provider (Nationwide) was happy to change my endowment to part and part a couple of years ago to cover the projected shortfall with the endowment.0
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We did a part repayment and part endowment mortgage when we moved house some years back. We actually wanted mortgage for about 15 years but actually took it out over 20 years. Check about making overpayments, you can then pay the amount if you had taken it out for 15 years (it just counts as overpayments) - this gave us the option of being more flexible with our money should interest rates rise considerably. As they didn't we paid our mortgage in much less than 15 years.0
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