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I'm confused - endowment & mortgage
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sandydog_2
Posts: 210 Forumite
Hi everyone
I've got myself really befuddled now!
I've got an endowment policy (pru/scott am) which will pay out in 2019 (28740). Currently at 4% prediction it will pay £20000, which coincidentally is what we changed the interest only part to a few years ago.
When we move, I'm going to change the mortgage term to 20 years instead of the remaining 14+. My question is, what will happen to my mortgage payments in 2019? Will they drop? The quotes I've had for £120k (£100k repayment, £20k interest only) are for about £800.
Thanks for any help.
I've got myself really befuddled now!
I've got an endowment policy (pru/scott am) which will pay out in 2019 (28740). Currently at 4% prediction it will pay £20000, which coincidentally is what we changed the interest only part to a few years ago.
When we move, I'm going to change the mortgage term to 20 years instead of the remaining 14+. My question is, what will happen to my mortgage payments in 2019? Will they drop? The quotes I've had for £120k (£100k repayment, £20k interest only) are for about £800.
Thanks for any help.
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