Help with repaying mortgage

rizzo_2

We have an endowment mortgage of £30 000, due to a mix up when we moved house, it is now due to end on 2019 instead of 2012. It is predicted it will have a shortfall of £10K.

We also have a repayment of £12k when we moved plus a home improvement of £18K.

We would like to reduce our mortgage. What would be more beneficial, to convert the endowment and pay it off or pay off the repayment loans?

Thanks for any advice.

mhay_3

I think you should consult a financial adviser before touching your endowment. The reason being you have more options than just surrendering in or letting run i.e - try to increase premiums, sell on stock exchange which should no doubt bring you a greater value.

I would also mention that most endowment shortfalls can only be determined when a termination/end bonus is paid at the completion of the policy. your ifa will be able to get an idea what this sum would be if you provide policy details.

hope you manage to sort it

michael