Switch or stay?

SuperShopper

Help, we are going slightly mad trying to decide what to do with our mortgage. We are lucky enough to have a fairly small mortgage which we currently have as interest only. We know that our endownment is going to be short so we were going to change to a repayment and use the endownment proceeds for other things. At present we have a tracker mortgage with C&G and we are paying an extremely small monthly amount - good for the bank balance - bad for the endownment.

Should we stay as we are or switch to a repayment and get the rate fixed for as long as possible?

Any feedback would be welcome, I feel I should be doing something.

poppy10_2

What are the figures involved? Mortgage amount/house value/incomes/endowment value?

SuperShopper

Mortgage £60,000, due to finish in 2015.

House value, was £450,000.

Endownment was due to pay out £60,000 now about £40,000. We never meant to use the endownment to pay the mortgage so we want to swap to repayment.

Only 1 of us working i.r.o. £35,000 salary