spliter mortgage

kevin_g

I have been adivised about a spliter mortgage. can you get me advice about this type of mortgage eg is it a good 1? based on the asumsion i already have a endownment mortgage.

Ian_W

Sorry Kevin, I know a fair bit about mortgages but have never heard of a "spliter" mortgage.
I'm guessing here by what you say about having an endowment mortgage do you mean splitting the mortgage so some is repayment and some remains interest only?
If you have had warning letters about a shortfall on the endowment splitting the mortgage can be an affordable way to start dealing with it, you're repaying some of the capital owed so you're not as reliant on the endowment when it matures. It isn't a type of mortgage as such, if that's what you mean, you can do it with most mortgages.
Another alternative might be to cash in the endowment, pay that off the capital and charge to a repayment mortgage.
You'd need to post details of the endowment for people to advise whether you should sell or surrender it though. Compnay, current value, surrender value, target amount, start and end dates would be helpful.