Help me decide

sujynx

Hi,
my first post so I hope this is ok, Im wondering what to do with my mortgage etc.

I have an interest only mortgage for £19K and an endowment which is going to fall about 6K short next year. I've £3K saved and have possibly 7K coming as an inheritance sometime this year hopefully. I really need a new car (well not new but newer than I've got).

I've now got dry rot in the basement which is gonna take at least 5K to sort out but needs doing before the inheritance clears.

What would you guys do?

remortgage, pay of the £19K one, make the endowment paid up, taking out extra to cover the car and the dry rot?
What sort of mortgage?
Use a "one account" type so when the endowment pays out I can pay some off, same with the inheritence....

Any advice gratefully received - I hate making these big decisions.
Should I see an IFA? Who's the best?

TIA
sujynx

homer_j_3

sujynx wrote:

Hi,
I've £3K saved and have possibly 7K coming as an inheritance sometime this year hopefully.

Should we be talking to the police lol..

Welcome to the forum -

With regards to the endowment, an IFA is the person to give you advice on this however the principals of deciding whether you should continue with it is to work out whether you could get a better return in a safer environment.

I am not clear what you are asking about paying of the 19k - however the key information we would need to try and look at some ideas for you would be -

House value
Current mortgage
Income & Employment Status
Term left on mortgage
Your Age

Current Account Mortgages are not the best for all people and you can get straightforward mortgages that allow overpayments and have relatively the same flexibility.

MortgageMamma

You really need to present your case to a whole of market mortgage advisor who will take more details from you and assess your circumstance sin greater details than can be given on this board. There are a number avilable that will work on a fee free basis and just take commission

sujynx

Thanks guys, I'll get all me info together and start looking for an IFA
8-)