25 Year Mortgage Ends When?

irri_tant

Bought the 1st property on 31/03/1988. Took out an endowment that runs from 31/03/88 to 31/03/2013. Then moved house on 09/10/1990 till present. Took out 2nd endowment to cover extra money borrowed on new property which runs from 09/10/1990 to 09/10/2013.

So when do I stop paying the interest payments, March or October 2013?

March would be 25 years :T and October would be 25 years 7 months :eek:

kingstreet

The start and end date of the mortgage are the important ones. A mortgage ends and a new one starts when you move house.

Did the top-up endowment start on the date the new mortgage started, 9/10/1990?

If the new mortgage was to run for 23 years from October 1990, the mortgage would be due for repayment in October 2013.

However, the interest will actually stop when you repay the mortgage. That will depend on the maturity dates of the endowment. As you can't take an endowment for part of a year, I suggest you have one which ends in March, when you will repay part of the mortgage, paying interest on only the residual balance until October. Then the second plan matures, allowing you to repay the remaining mortgage balance.