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Two years left on mortgage, is it worth paying more?
hostertlady
Posts: 877 Forumite
My mortgage finishes dec 2008- I have part endownment (over £5000 left to pay on this) and then a repayment (about £4500 left on this).. i do make over payments on the endownment mortgage but i could use some of my savings to pay a lump sum........ do i pay it off the endownment mortgage or the repayments mortgage??? does it matter? and is it worth it? mant thanks.........
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Comments
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As the endowment mortgage insurance would mature at the same time as the mortgage itself, better to concentrate on the repayment one.
Then, does rapying the mortgage early incur a penalty - if so, then does partial repayment give you a reduction in interest each month or annually (if the latter, save the money in a savings account and repay it just before the 'due date' at the end of the year when they recalculate."Some say the cup is half empty, while others say it is half full. However, this is skirting around the issue. The real problem is that the cup is too big."0 -
yes the endownment will cover the mortgage ( and some) so i will concentrate on lowering the repayment part of it...
I wont incur any penalties and my mortgage is with the nationwide, how will i find out if the interest is calculated monthly or yearly?0 -
I'd ring the Nationwide and ask, quoting your mortgage reference number."Some say the cup is half empty, while others say it is half full. However, this is skirting around the issue. The real problem is that the cup is too big."0
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