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Mortgage advice please
T4LFR
Posts: 100 Forumite
Situation -
In 1999 took out an interest only mortgage for my house then (bought for around 40k) - took out a FP Endownment for 40k also.
Moved house in 2006 but just took out a new full repayment mortgage for 25 years. (Nationwide).
So thinking about it now, in general what are my options with the endownment, can I offset some of the mortgage payment with the fact that i have an endownment.
How does that all work, the endownment doesnt seem to be performing to the 40k, at the mo anything between 21 - 35k projected and finishes in 2024. I am on the Nationwide SVR at the moment (3% - 82k left on the repayment), with repayment mortgage finishing 2031.
In 1999 took out an interest only mortgage for my house then (bought for around 40k) - took out a FP Endownment for 40k also.
Moved house in 2006 but just took out a new full repayment mortgage for 25 years. (Nationwide).
So thinking about it now, in general what are my options with the endownment, can I offset some of the mortgage payment with the fact that i have an endownment.
How does that all work, the endownment doesnt seem to be performing to the 40k, at the mo anything between 21 - 35k projected and finishes in 2024. I am on the Nationwide SVR at the moment (3% - 82k left on the repayment), with repayment mortgage finishing 2031.
0
Comments
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No takers...:rolleyes:0
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OK
You have a repayment mortgage, now you could go part or all interest only, if the lender would let you but then you would need to consider how you would pay off the debt.
You have a seperate savings scheme, consider that on it's own merits either keep it or cash it in if you think it is no good.
If you cash it in you now have some cash(and some monthly payment) then decide what to do with them, invest somewhere else or pay of the mortgage quicker.0
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