paying mortgage off

gantymiffy

Is it worth cashing in my endownment which i have made £7000 on after 18 years, paying a lump sum off my mortgage, then having a repayment mortgage?

Ive been told not to pay off any of my mortgage when the interest rates are low, wait till they go back up.

Not sure what to do

dimbo61

This all depends on the interest rate on your Interest only mortgage and what you are earning from your savings ?
You took out the endowment to clear the mortgage YES so why not pay it off the mortgage balance and keep paying the same mortgage payment or even pay more ( you are now not paying endowment premiums each month )
You have a debt and the sooner its paid the less interest you pay

holly_hobby

Is it worth cashing in my endownment which i have made £7000 on after 18 years, paying a lump sum off my mortgage, then having a repayment mortgage?

You say that you know you have made 7k up to the current time on your endowment. Is this an accurate figure that has been given by your provider (i.e current amount of reversionary bonuses that have been addded), or is this a projected value ?


Ive been told not to pay off any of my mortgage when the interest rates are low, wait till they go back up.

Why would you pay interest on any borrowings if you don't need to - whatever the rate, its still cosing you money - prudent financial advice is to reduce your borrowing costs and liabilites as much as possible.


Holly