2 year mortgage?

U've_been_framed

We have accepted an offer of £190,000 for our house. We currently owe £22,000 on our mortgage. We have an endowment which matures in August 2008 and should pay £17,000.
If we buy a house for £180,000 we are going to have to borrow money. A relative suggested getting a 10 year mortgage with the first two years at a fixed interest rate, no early redemption charges, and don't tell them about the endowment.
However, I will be 60 at the end of the year and want to pay off any mortgage as soon as I can. My wife is disabled and does not work.
Would a bank or building society lend say £20,000 over two years or less?
Are there better ways of going about this?

herbiesjp

U've_been_framed wrote: »

We have accepted an offer of £190,000 for our house. We currently owe £22,000 on our mortgage. We have an endowment which matures in August 2008 and should pay £17,000.
If we buy a house for £180,000 we are going to have to borrow money. A relative suggested getting a 10 year mortgage with the first two years at a fixed interest rate, no early redemption charges, and don't tell them about the endowment.
However, I will be 60 at the end of the year and want to pay off any mortgage as soon as I can. My wife is disabled and does not work.
Would a bank or building society lend say £20,000 over two years or less?
Are there better ways of going about this?

Not sure why you woulnd't want to tell them about the endowment?

If that it is going to clear the mortgage it will strengthen your mortgage application if they know you have a policy that could clear your mortgage - assuming you will go interest only again

As the mortgage amount is relatively low you will be best advised to find a deal with low fees. Also a deal with no penalties would be best for you and many lenders have a minimum mortgage term of 5 years, but if you have no penalties you can clear the mortgage debt when you want

HTH