Endowment shortfall

Janey_

Hi everyone. . Looking for advice please

I have an endowment policy about to end and I have a shortfall of around 13 thousand.

My dilemma is how best to pay this off?

Another repayment mortgage, loan, or credit card?

I have an excellent credit history. .no debt to speak of (holiday flights on a 0% card of 3 thousand) and an income of almost 20 k

Any advice greatly appreciated :j

[Deleted User]

It really depends on your circumstances and the lender.

Will the lender extend the term?
Do they accept credit cards?
Over what period would you look to pay it off?

You income may not support a loan of 13k. You're also very unlikely to get a card with that limit.

Janey_

Thanks. .yes the lender will extend the terms no problem. Just unsure this was the best way to go.

[Deleted User]

It's probably the only way to go, from the details you've given.

JimmyTheWig

Unless you can pay it off within a couple of years, a mortgage would almost definitely be the best option. Even if you can pay it within a couple of years, a mortgage may be your only option.

Janey_

I was just wondering if card hopping on 0% would be better but I am a novice when it comes to loans and debt thankfully

foxtrotoscar_2

Janey_ endowment shortfalls have been flagged up for maybe 15 years or more or so...did you ignore?

tonyh66

Janey_ wrote: »

I was just wondering if card hopping on 0% would be better but I am a novice when it comes to loans and debt thankfully

you wouldn't get a card with a £13K limit or several cards adding up to it, so forget that route.

Janey_

Didn't ignore. . Only part of my mortgage was on endowment the rest repayment. It's all repaid now. I saw a financial advisor and financially it wasn't viable to switch it all to a repayment and have a life insurance policy. I knew I would have a small shortfall.

foxy-stoat

tonyh66 wrote: »

you wouldn't get a card with a £13K limit or several cards adding up to it, so forget that route.

No way of knowing that, just apply for a Barclay Card and maybe a Virgin Card and see what you get, both do money transfers at low rates.

Janey_

Thanks for all your replies. Seems I'm better going with a mortgage for the shortfall . Just good to get other people's thoughts and see if there was another way. I liked the idea of being "mortgage free" but it probably is the best option.