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Changing from endowment to repayment.
Christie
Posts: 27 Forumite
We are going to have a shortfall of about £20,000 on our endowment when it finishes in 10 years. Does anyone know if it is possible to change some of your endowment morgage to repayment?
0
Comments
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Yes, it is. Speak with your lender and tell them that you want to convert £20000 of your existing interest only mortgage to repayment.
Foreversummer0 -
Thank you very much
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Or just overpay anyway, which will have the same effect without the formalities. Don't forget that the £20K is just a projection. The difference could be more or less in 10 years' time when the endowment matures.0
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