never new where to find help.

ziceman

until i found this site that is.

i cashed in my endowment policy because i kept getting letters saying there was going to be a shortfall in payments, i used the money to pay bills off.

i have £17,000 to pay off in 17 yrs also when i surrendered the policy i also lost my cover for life assurance, what direction should i take to clear this and to have life assurance again.

thankyou in advance.

herbiesjp

So you now have an interest only mortgage but no savings vehicle to pay it off? I would there fore look at changing the mortgage to a repayment mortgage and get the life cover needed for the amount of the loan.

Have a word with your current lender to see what your payments would go to and what rate you would be paying. It may be worthwhile moving mortgage to another lender to get a better rate. Most lenders have a minimum of £25k as a mortgage, but if you chose a flexible mortgage, you can overpay this unwanted amount on day one, but have the benefit of the lower rate.

ziceman

thanks for the info i will do that.