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Large Mortgage Payment from cashed Endowment????
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David_Heathcote
Posts: 1 Newbie
Dear Folks
I am after some advice:
1. My mortgage is for 58k with 18 years left, it is repayment only.
2. I have a Standard life Endowment worth 20k with profits due to mature in 7 years
I was thinking that due to the nature of this type of investment being slow in providing returns in the long run and having got my shares, could it be time to auction or sell endowment?
Will 58k minus 20k give me a better return if I maintain my same rate of mortgage payments currently 500 pound a month, that's nearly £200+ more if I take 20 k off the mortgage or should I wait for my endowment to mature in 7 years?
As I am not a number cruncher I really don't know how much money I will save in the next years if I pay 20k off the mortgage now. How much will 20 k save me in 18 years if paid now???on a variable rate....
I would be pleased to receive some good advice, from other members
Kindest Regards
David
I am after some advice:
1. My mortgage is for 58k with 18 years left, it is repayment only.
2. I have a Standard life Endowment worth 20k with profits due to mature in 7 years
I was thinking that due to the nature of this type of investment being slow in providing returns in the long run and having got my shares, could it be time to auction or sell endowment?
Will 58k minus 20k give me a better return if I maintain my same rate of mortgage payments currently 500 pound a month, that's nearly £200+ more if I take 20 k off the mortgage or should I wait for my endowment to mature in 7 years?
As I am not a number cruncher I really don't know how much money I will save in the next years if I pay 20k off the mortgage now. How much will 20 k save me in 18 years if paid now???on a variable rate....
I would be pleased to receive some good advice, from other members
Kindest Regards
David
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