Move to repayment or seek an investment fund?

steveinkent

Hi

Hoping someone can help me out with a little advice. Here's the situation I'm in.

1. I have a £145,000 mortgage with Santander, which has 15 years left and is interest only.
2. Some years ago I cashed in my endowment policy for the mortgage, as I was unable to work for some time due to having CFS/ME and needed income in order to support myself while unable to work.
3. I have £40,000 of unsecured debt (accumulated during the same period where I was unable to work due to illness) which I'm repaying at £600 per month in a debt management plan.

I'm very aware that I should be putting aside at least £600 per month in order to build up a fund that could repay the mortgage in 15 years, but with the DMP I can't manage that currently. And ideally, I should be putting aside another £600 per month for some kind of pension fund, again, that's beyond my means right now.

So I'd love to hear any advice as to how best prepare. Should I continue with the DMP and attempt to get rid of that debt asap in order to free up some cashflow? Should I should seek to switch to a repayment mortgage on a fixed rate asap, and perhaps extend the mortgage term? Or is there a plan c somewhere?

Any help or advice is very much appreciated.

Thanks so much
Steve