Mortgage repayment

street47

I have a £70K mortgage with 7 years to go, monthly I pay £575 including my Endowment which equals £48K, should I still overpay my Morgage monthly.

deedee71

What's the question?

You owe 70k, your endowment is worth about £48k.

Are you asking if you should make up your shortfall with additional payments or by taking another endowment (or other investment)?

Sorry, but it's not clear what you are asking.

black_taxi_2

you can switch your mortgage to a repayment--then O/P

and keep your endowment as a lump sum saving at end of term

black_taxi_2

mind you 70k repayment mortgage over 7 years at 6% is £1015 a month

dimbo61

Hi Street47,
If!!! your endowment is going to pay out £48,000 in 7 years time and your outstanding mortgage is £70,000 then you will need to make up the difference which by my simple maths works out at about £262 a month NOT taking into account compound interest.
If you can then overpay what you can afford and are allowed ?
The endowment itself may or may not pay out the full amount we dont know so reduce your debts by overpaying GOOD LUCK

Gorgeous_George

Some will think it is too late but I would look at surrendering or selling the endowment policy. What is your mortgage interest rate? Do you expect the endowment to earn more than the mortgage costs?

You could overpay the mortgage but again, what is the interest rate? It may be better to save - even in a 3% ISA - rather than overpay a mortgage that is less than 3%.

You can only overpay if the mortgage terms permit it.

GG

Peelerfart

Or overpay what you can then, IF your endowment pays out £48K then pocket the difference providing of course,as has been said, you can then overpay and are allowed - then every one a winner !