Mortgage after endowment

Kawasaki60

Hello, I hope this hasn't been answered previously. I am in a dilemma whereby my mortgage will end in 2 months time, which was an endowment for 25 years and will be paid off in full. I am 53 years old and my wife is 55 years old and we would like to sell our current property, we are both in full-time employment and would like to know if we are eligible for a new mortgage and if we would be better off paying the previous one in full, keep it going or find a new lender.

Thank you.

Rick

kingstreet

If you are moving house, it's a new mortgage either way. If you have a particularly good rate, your lender may allow you to port it to the new mortgage, if you qualify, for the remainder of the time left.

The only consideration is the term of the next mortgage. You normally have to repay the mortgage by retirement age, unless you can provide evidence of income in retirement.