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Shortfall for 12 months
Jabamusic
Posts: 8 Forumite
Hi All
Your thoughts and ideas would be valued.....
I've realized that the savings plans I set up as part of my endowment to pay off my mortgage (due to cease in September later this year) don't actually mature until September 2019 !
Some where along the way (and I do not quite understand how/why) the maturation dates were set up incorrectly.
In part to cover myself, I have been overpaying, but I will still have a shortfall for 12 months to the tune of about £50k. I will easily have the remainder but not until then.
What to do?
Is it possible to get a 12 month mortgage. Should I be thinking about a sort of bridging loan?
Any thoughts?
many thanks
Jaba
Your thoughts and ideas would be valued.....
I've realized that the savings plans I set up as part of my endowment to pay off my mortgage (due to cease in September later this year) don't actually mature until September 2019 !
Some where along the way (and I do not quite understand how/why) the maturation dates were set up incorrectly.
In part to cover myself, I have been overpaying, but I will still have a shortfall for 12 months to the tune of about £50k. I will easily have the remainder but not until then.
What to do?
Is it possible to get a 12 month mortgage. Should I be thinking about a sort of bridging loan?
Any thoughts?
many thanks
Jaba
0
Comments
-
Talk to your lender about the mistake.
They may just let you extend the term.0 -
There have been similar posts on this forum. This often occurs when people move home, take out a new mortgage for a fixed number of years or wrongly recall when their previous mortgage starts.
Most lenders will extend the term of the mortgage, provided you can show it will be cleared by the end of the extended term.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
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