Part Repayment on part interest-only, part repayment mortgage

maninthestreet

I have £77,500 outstanding on my mortgage. The first £54,000 is interest only, with a £50/month endowment policy to re-pay this £54,000 at the end of the mortgage. The rest (£23,500) is on a repayment basis. The endowment is NOT on track to pay off the £54,000 at the end of the mortgage. I wish to make a part repayment on the mortgage, but want the part repayment to be applied to the £54,000 interest only part of the mortgage, not the £23,5000 repayment part - how do I go about doing this?

Madjock

talk to your mortgage lender, or if you're not tied in, look for a remortgage elsewhere.