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Pension quandry...
gardenlady_2
Posts: 72 Forumite
Here is the background, any advice appreciated.
We have an interest only mortgage and an endowment which is performing well.
We both have a private pension. Mine says I will get £1.2k a year, partner will get £3.5k a year.
We need to remortgage as Santander are putting us on their SVR.
interest only mortgages are hard to come by and rates are not good.
We are considering keeping the endowment going, swapping onto a repayment mortgage- and stopping paying into the private pensions in order to fund this. We would still have to pay £139 a month extra, ie on top of the money we would save by not paying into the pensions.
If we do this, in 12 years time our mortgage would be paid off and we would have £80k cash from the endowment(assuming a 3% growth which the brokers we have spoken to seem to think is achievable)
Am I right? Is this a good idea? Any advice gratefully received, thanks .
We have an interest only mortgage and an endowment which is performing well.
We both have a private pension. Mine says I will get £1.2k a year, partner will get £3.5k a year.
We need to remortgage as Santander are putting us on their SVR.
interest only mortgages are hard to come by and rates are not good.
We are considering keeping the endowment going, swapping onto a repayment mortgage- and stopping paying into the private pensions in order to fund this. We would still have to pay £139 a month extra, ie on top of the money we would save by not paying into the pensions.
If we do this, in 12 years time our mortgage would be paid off and we would have £80k cash from the endowment(assuming a 3% growth which the brokers we have spoken to seem to think is achievable)
Am I right? Is this a good idea? Any advice gratefully received, thanks .
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