Case scenario - advice sought

eaustin

Apologies if this has been covered in other threads but I'm finding it difficult to search them for the information I'm looking for.

I currently have an offset mortgage with Barclays Woolwich openplan and am paying 75 bases points above base rate. This was remortgaged about 6 years ago and I managed to incur no fees at all. My mortgage is interest only and there is £40,000 capital outstanding. I have 2 endowment policies due to mature in March and November 2013, initial combined target of £55,000, latest prjections £41,000 - £51,000.

I am looking to move house and will need a mortgage of £100,000 against a £350,000 purchase. I am considering taking £40,000 on interest only and £60,000 on a repayment basis initially over a 15 year term but with the anticipation of being able to accelerate the repayment period afte the endowments have matured.

I am seeking advice on what type of mortgage you would recommend (fixed, variable, offset) and any thoughts aboout fees and rates would be welcomed.

Your advice would be much appreciated.

Edward

homer_j_3

The type of product you want will very much depend on your preferences and thoughts.

If you have a load of savings sat somewhere then offset may be right for you but if you don't and just simply want the ability to overpay then a mortgage with the correct flexible features may be better designed for you.

Having the mortgage on a part interest only and part repayment basis should pose no issues and the equity that you have to put into the property should see better rates than if you had very little or none at all.

I would suggest that you seek professional advice as you have many options.

Perspective

I concour seek professional advice