Mortgage dvice Required Please?

omg_3

I have a £37,000 mortgage, with 3 years left (out of 25 years). I am on endowment (Standard Life), where I pay £70 pcm. I recently got a misselling claim for £5,000, which I paid off mortgage, bringing it down from £42,000 to £37,000. My current payments are £180 pcm interest only and I overpay £30 pcm. I do not know what the endowment shortfall will be? My issue is that I may soon have about £8,000 spare cash. If I pay this towards my motgage and keep my repayments the same, what savings would I make? Also, IF the endowment pays out more than is needed to pay off my mortgage, do I get the extra cash?

JoeK_3

omg wrote: »

I have a £37,000 mortgage, with 3 years left (out of 25 years). I am on endowment (Standard Life), where I pay £70 pcm. I recently got a misselling claim for £5,000, which I paid off mortgage, bringing it down from £42,000 to £37,000. My current payments are £180 pcm interest only and I overpay £30 pcm. I do not know what the endowment shortfall will be? My issue is that I may soon have about £8,000 spare cash. If I pay this towards my motgage and keep my repayments the same, what savings would I make? Also, IF the endowment pays out more than is needed to pay off my mortgage, do I get the extra cash?

You should receive a projection from SL each year but if not then request one. Follow the 4% projection figure as a guide, as this is more likely to be the nearest to the final figure.

Any excess over the mortgage amount paid by SL will be yours to keep.

JoeK