1 year mortgage term?

ming60

Hi,
I have a 2 year discounted mortgage deal finishing in June 2008. On 1st Oct 2008 I have an endowment mortgage maturing (£20,000), then another one maturing 27th Sept 2009(£3,600), and another 21st Nov 2009 (£12,000). I will still have some mortgage to pay after that (capital & interest) for a year or two. I will then be retiring in 2012.
I guess between June 2008 and Oct 2008 I will have to go on a standard rate mortgage. But after the first endowment is paid off that part of the mortgage in October 2008, what options could I have....?

Question 1 - Is it going to be possible to have a 1 year discounted, or fixed, or another type of mortgage between Oct 2008 and 2009?
Question 2 - Do you have to repay the endowment part of a mortgage
immediately when the endowment matures?

I know I am looking over 12 months ahead, but I want to plan my financial situation up to my retirement in 2012.
Thanks in advance for any much valued advise.

wardlaw

It is possible to have a 1 year fixed mortgage

It is also possible to keep Part of your endowment funds, subject to the lenders agreement, but this should not be a problem, as the money is yours

You would need to convert your mortgage to the capital and interest method

ming60

Thanks for that Wardlaw,
I'm glad about both points. I'm with the Cheshire, so I just hope they have a 1 year deal when the time comes.

MortgageMamma

Ming

Have you thought about remortgaging onto a product until 2012 which allows unlimited overpayments? That way you can pay off the endowment part of your mortgage without penalty and save yourself some money by not having to go on SVR or remortgage again until your mortgage is paid off.

MM

ming60

Hey, thanks MM, that's a great idea. I'll look into that.