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Confused on what to do with Mortgage/Endownment
Buzzbee
Posts: 11 Forumite
I have a Interest only Mortgage of £38,500 which is due to expire June 2012,I am expecting a endownment shortfall of around £8000.
I also have a second Interest only mortgage of £30000 which expires in 18 years.I did not take out an endownment on this one as I am expecting a works sharesave too cover most of this.
The Building Society have suggested that I extend my first mortgage to 18years (which will buy me time).When I receive the endownment payment,I then pay off my second mortgage of £30000.
I then have to decide how to pay off the remaing £38000 do I
I also have a second Interest only mortgage of £30000 which expires in 18 years.I did not take out an endownment on this one as I am expecting a works sharesave too cover most of this.
The Building Society have suggested that I extend my first mortgage to 18years (which will buy me time).When I receive the endownment payment,I then pay off my second mortgage of £30000.
I then have to decide how to pay off the remaing £38000 do I
- Change to a repayment mortgage
- Keep the interest only and take out a ISA to pay it off
- Use my sharesave money(which will be tax free by 2018)
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