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please resolve marital difference of opinion!
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lisarbee
Posts: 4 Newbie
o.k so our endowment to pay off our mortgage is maturing next month with about £2,000 extra in our pockets. Our mortgage isn't due to be re-paid for another 5 months, my question is, do we pay the mortgage off early when the endowment matures or bank the money in our offset savings account which is linked to the mortgage?
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Comments
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What is the interest rate on the mortgage?
Is there an ERC?0 -
Repay the mortgage. The balance held in the offset cannot exceed that owed on the mortgage. Therefore there's no benefit by doing so.0
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For the sake of £2000 it’s hardly worth it.
Go and treat yourself to a holiday or do something with the extra money!0 -
Ignoring financial advice.
The Spouse who normally yields may as well do so on this occasion.
Otherwise, pay off half and bank half.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
the interest rate is 3% with no ERC0
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Thank you Thrugelmir, I knew I was right!0
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Thank you Edi81, so the choice is 5 new windows or a weekend for two in London!0
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