Mortage coming to end!

balliol

I could do with a little advise. Our mortgage is due finish in Oct this year and we have 50% repayment and 50% endowment (split equally between 2 policies) obvously the repayment side is taken care of but the the endowment predictably is not going to perform (I know I know we should have done something before now but we havent!) one will mature next month and leaves us roughly £5k short (we will put into short term savings account until payment needed - again advise would be good as to which one) the other for some very strange reason is not going to "mature" until Nov 2011 and we have never noticed this before so we know we will definately have to find some money from somewhere to cover this bit what should we do should we go for a bank loan or a remortgage either way we would really only be talking short term. what do you think. We are talking about £30k Any advice would be appreciated.

Thrugelmir

Speak to your lender and get your mortgage term extended on a repayment basis to cover the projected shortfall plus a margin of comfort.

If the endowment policies are assigned to the lender then the proceeds will be automatically sent to them, and the mortgage balance reduced.

balliol

Thank you that is very helpful and oddly hadnt thought of that!:p