Mortgage Help please, figures included

snowwolf

I have 5 years left on my 25 year policy, what I want to know, if anyone can help, can I clear my mortgage earlier and also what might be the best options I have with the information list below.

Halifax repayment type, annual mortgage statement details.

Amount owing at 30.04.2006 = £33,613.91
Total amount to repay = £33,838.91
Monthly payment to Halifax = £364.00
HVR001 6.500 Interest rate

Standard Life endowment statement details.

Amount payable on death £26,800
Minimum payable at maturity £16,583
Bonuses added to plan £7,873
monthly fee £33.43
Total current value 1st Feb 2005 £12,540.75

(Could not claim any money back on mis-sold endowment)

Surrender link has offered me £13,549.00

Winterthur Life (second endowment) details

Amount payable on death £7,500
Minimum payable at maturity £5,410 @4%
Monthly fee £14.32

No surrender link offer at the moment on this policy

Claimed £1000.00 on mis sold endowment


Hope this is enough info, hope someone can push me in the right direction as to what will be my best options...regards Mick

brannyrhino_2

I would keep the policy's going or you miss out on the Terminal Bonus's.

Remortgage to a MUCH better flexible mortgage rate.

Pay additional monthly payments on the mortgage to pay it off quicker if thats what you want.

MortgageMamma

thats exactly the advice I have given to the OP!

snowwolf

Thanks a lot for your help, I will do what MM said yesterday, which is also the same as Rhino....thank you both