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Endowments-please help.
charlie131
Posts: 2 Newbie
Hi, can anyone help me here. Basically, I have a house that my ex-husband pays the mortgage for, the mortgage is solely in his name, but the house was transfered to me when we divorced. The mortgage is interest only and he was ordered to carry on paying this when we divorced, for the foreseeable future.
At present I can not take over the mortgage payments, so no changes can be made to the mortgage, but I would like to start some sort of back up plan so I can have some funds avaliable to pay it off at a later date. I was thinking of endowment plans-but I dont know much about them.
Can anyone help?
At present I can not take over the mortgage payments, so no changes can be made to the mortgage, but I would like to start some sort of back up plan so I can have some funds avaliable to pay it off at a later date. I was thinking of endowment plans-but I dont know much about them.
Can anyone help?
0
Comments
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Your best bet is to let your ex continue to pay the mortgage and set up a separate savings vehicle yourself to build up a fund to clear the capital. There is no incentive for you to do this early as you wouldn't see any benefit if the interest payments reduced.
Whether you go for ISAs (tax -free savings) savings accounts or investment depends on your own financial position and your attitude to risk.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
thanks, yes i agree, its just what savings options are avaliable with a growth possibility-its a mindfield out there.....0
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