change mortgage advice

i6g6t6

I currently have two mortgages both end in four years time. One is a repayment mortgage with £8,000 outstanding and the other is an endowment mortgage with the £26,500 total amount due to be paid off by our payment to the endowment part at the end of the four years. I am looking for any advice on whether I could remortgage for one repayment mortgage or because of the endowment I would need to let it run the four years?

WildHaggis

The endowment is just one way of paying the mortgage, and is not fixed to it. So, you can change your setup to one single repayment mortgage. The setup fees, though, might make a mockery of the savings in interest you might achieve. Look also at just converting the interest only mortgage (the endowment - backed one) to repayment - this can often be done for a fee of 50 pounds. Alternatively, fund a specific savings account, and make lump sums off one or both of the mortgages from that account

herbiesjp

Are both the mortgages on the same property? Or are they two mortgages on two different properties?

i6g6t6

herbiesjp wrote: »

Are both the mortgages on the same property? Or are they two mortgages on two different properties?

The mortgages are for the same property.