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Remortgaging with Endowmwnt
DDP
Posts: 1 Newbie
Any advise welcome......getting myself confused
I currently have an interest only mortgage at £108,000 and am looking to swap to a repayment mortgage.
The house is valued at £145,000 but I have an 'on track' endowment for £30,000.
I have a loan that i would like to incorporate into the re-mortgage of £20,000.
So........do i have to re-mortgage for the £108,000 + £20,000 or can i re-mortgage for £78,000 (£108,000 - £30,000) + £20,000 = 98,000 then when the endowment matures (in a couple of years) use that to pay off the remaining mortgage?
Thanks in advance
I currently have an interest only mortgage at £108,000 and am looking to swap to a repayment mortgage.
The house is valued at £145,000 but I have an 'on track' endowment for £30,000.
I have a loan that i would like to incorporate into the re-mortgage of £20,000.
So........do i have to re-mortgage for the £108,000 + £20,000 or can i re-mortgage for £78,000 (£108,000 - £30,000) + £20,000 = 98,000 then when the endowment matures (in a couple of years) use that to pay off the remaining mortgage?
Thanks in advance
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