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mortgage and endowments
glen70
Posts: 82 Forumite
i have a mortgage for £58000,house worth £140000 and 2 endowments ending in 10 years paying £75 a month for both.no credit cards and a overdraft of £1400 which i am close to every week as i get paid weekly.
my fixed term is up at the end of the month and i am with skipton.i am looking for a fixed for 5 years with the lowest fees if any.would i be best getting an extra £14000 to clear my overdraft?
my fixed term is up at the end of the month and i am with skipton.i am looking for a fixed for 5 years with the lowest fees if any.would i be best getting an extra £14000 to clear my overdraft?
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Comments
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Post the following info on your endowments:
Providers
Guaranteed sum assured
Declared bonuses
Surrender value
Monthly premium
Maturity date
Maturity forecasts
Likely new interest rate on mortgage
It may be best for you to surrender one or both endowments and use the money to pay off your overdraft and reduce the mortgage amount, also using the endowment premiums to help pay the mortgage.
You could consider a new repayment mortgage, or another interest only one, and then overpay by the amount of the endowment premiums.
But let's see the details of the endowments first.You never know, you may be one of the minority of punters who don't have a dud
Trying to keep it simple...0 -
one from legal and generall seems to be doing ok.abbeylife (sunalliance ?) not doing as good.£40 in the first £32 in the second.if we surrender them we will lose all the bonuses ect which boost the final amount.dont know whats for best
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one from legal and generall seems to be doing ok.abbeylife (sunalliance ?) not doing as good.£40 in the first £32 in the second.if we surrender them we will lose all the bonuses ect which boost the final amount.dont know whats for best
See an Independent Financial Adviser (IFA)
JoeKI am an Independent Financial Adviser.Anything posted on this forum is for discussion purposes only. It should not be considered financial advice. Different people have different needs and what is right for one person may be different for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser who can advise you after finding out more about your situation.0
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