Repayment of mortgage in Feb 2013

edited 27 August 2012 at 9:30AM in Mortgage-free wannabe
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millerfamily5millerfamily5 Forumite
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edited 27 August 2012 at 9:30AM in Mortgage-free wannabe
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

Replies

  • DawnWDawnW Forumite
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    well, savings are quite easy. What I do with mine is to open and fill up an easy access cash ISA (assuming you haven't already done so in this tax year) and then the best paying easy access savings account you can find. You will get SOME interest, (about 3% or thereabouts, so worth having on a large-ish sum).

    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:
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