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Mortgage pay off or not?
Healthking
Posts: 7 Forumite
Hi Folks
Hopefully you can offer me some advice.
I have a mortgage of £102k (£30k of which is interest only and for which I am paying into a with profits policy - "endowment" at £169/month and due to end June 2013)
I have savings of £70k
As far as I can ascertain, the 'endowment' is currently performing at 2.25%
My mortgage is currently at 3.1% interest
The question is do I just cash in my 'endowment' (no penalty) and put that to my savings to pay off my mortgage -
or
Do I hold fire with the 'endowment' and just pay off £70k of my mortgage and use the 'endowment' to pay off the rest when it comes to fruition?
thanks
Hopefully you can offer me some advice.
I have a mortgage of £102k (£30k of which is interest only and for which I am paying into a with profits policy - "endowment" at £169/month and due to end June 2013)
I have savings of £70k
As far as I can ascertain, the 'endowment' is currently performing at 2.25%
My mortgage is currently at 3.1% interest
The question is do I just cash in my 'endowment' (no penalty) and put that to my savings to pay off my mortgage -
or
Do I hold fire with the 'endowment' and just pay off £70k of my mortgage and use the 'endowment' to pay off the rest when it comes to fruition?
thanks
0
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