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mortgage overpayment
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colhew
Posts: 1 Newbie
I need some advice!! I have a £57K part interest/part repayment mortgage with Nationwide. the interest only element is £36K. The interest rate on this is base rate + 2%. At the moment the balance outstanding is £45K, and the mortgage will be settled in 7 years. What I would like to know - I have an endowment that has matured for £17K and want to set it off against the mortgage. When I contacted the Nationwide about doing this, they told me that my monthly mortgage payment would nearly double for the remainder of the term!! To me this doesn't seem right. Any experts out there who could give me a few pointers?? I am seriously considering putting the endowment into a high rate ISA.`
Thanks in anticipation
Thanks in anticipation
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Suggest you speak to them again as doesn't make sense.0
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