Repayment of mortgage in Feb 2013

19 Posts
Hi Folks
In the next few days an endowment policy which I took out 25 years ago will mature and will be approximately £15000. I have already paid off in this year the maximum cash lump sum as an over payment that I am allowed to make. My mortgage with the Cooperative Bank is currently just under £33000 which is split with about £15000 on interest only and the rest on repayment. My current mortgage payment is £443.73. I am intending to pay off the mortgage entirely in Feb 2013 which is the end of the fixed rate period I am on now.
Is it possible to earn any interest in a short term savings account for 5 or 6 months.
I would appreciate any advice about where I could save the £15000 and how best I should deal with the closure of my mortgage.
Regards
Richard
In the next few days an endowment policy which I took out 25 years ago will mature and will be approximately £15000. I have already paid off in this year the maximum cash lump sum as an over payment that I am allowed to make. My mortgage with the Cooperative Bank is currently just under £33000 which is split with about £15000 on interest only and the rest on repayment. My current mortgage payment is £443.73. I am intending to pay off the mortgage entirely in Feb 2013 which is the end of the fixed rate period I am on now.
Is it possible to earn any interest in a short term savings account for 5 or 6 months.
I would appreciate any advice about where I could save the £15000 and how best I should deal with the closure of my mortgage.
Regards
Richard
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Not sure what you mean by 'dealing with the closure of your mortgage' though? I would ring your mortgage provider and just ask? I speak to mine so often we are almost on first name terms :rotfl: