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Endowment about to mature.....
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PennyPenny
Posts: 12 Forumite
Yes, I have an endowment and it's about to mature.
My interest only mortgage is currently at 1.23% and it needs to be paid off about 5 months after the endowment matures.
The amount will be more than £85k and will cover my outstanding mortgage when it pays out, so I don't want any discussion about that.
What I would like are suggestions for what to do with the cash until I have to pay off my mortgage. I've found savings accounts that pay more than 1.23%, so should I save the money and then pay off at the last minute and make a few quid, or should I pay the mortgage off as soon as the endowment matures?
Answers on a postcard, or alternatively, below
. TIA
My interest only mortgage is currently at 1.23% and it needs to be paid off about 5 months after the endowment matures.
The amount will be more than £85k and will cover my outstanding mortgage when it pays out, so I don't want any discussion about that.
What I would like are suggestions for what to do with the cash until I have to pay off my mortgage. I've found savings accounts that pay more than 1.23%, so should I save the money and then pay off at the last minute and make a few quid, or should I pay the mortgage off as soon as the endowment matures?
Answers on a postcard, or alternatively, below
. TIA I used to have a HUGE mortgage, but it's all gone now :T :beer:
I'm really good at SAVING money......
I'm really good at SAVING money......
0
Comments
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Pay off the mortgage early if you are not within a penalty period.
Worrying about 1.23% vs 1.5% (or similar) for the sake of a few months is not worth it.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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