mortgage and endowments

glen70

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?

EdInvestor

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

glen70

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

JoeK_3

glen70 wrote: »

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)

JoeK