Advise on mortgage

mondeoglx

Advise please we have a £46000 interest only with 11 yrs left the house is worth£ 460000wehave been left some money about£ 20000
We would like to pay this off the mortgage so would leave £26000
Our fixed term finishes February with our building society would anyone be able to help with what we should do we want to go on to repayment mortgage dosnt have to be 11yrs we are both 55
What's the best deals around hope the qwestion makes sense

maninthestreet

Do you have a repayment vehicle in place for the current mortgage?

mondeoglx

This is the only one we want to change to repayment

Contemptuous

maninthestreet wrote: »

Do you have a repayment vehicle in place for the current mortgage?

I believe the OP is planning on the change to a repayment mortgage serving as the repayment vehicle.

caileag

There is a lower limit on the amount that lenders will offer as a mortgage, IIRC its £25K (below which, you are really in Personal Loan territory) so you might be better remortgaging before you pay off the lump sum - having made sure that overpayments of that size are allowed, of course!