Remortgage or not? Endowment maturing in 5 months

timg147

Hi All,

I have been reading the posts in the weekly email about remortgaging now before rates rise further. I'm just wondering about peoples takes on my situation. Unfortunately I dont have the mortgage balance figures to hand. However we are over half way through our mortgage and are currently on standard variable rate. Before I bought my first property I took out a critical accident / endowment type policy that is due to mature in about 5 months. My question is do I remortgage now or wait until the policy matures and remortgage at a lower loan to value?
I know there are other things to consider but just looking for the basic answer

penners324

Product switch to a 2 year fix rate with current provider then use the endowment to pay down 10% for each of the 2 years.

dimbo61

That depends on the figures ?
If you have a large lump sum which will bring your LTV down to say 75/60% then it maybe worth waiting.
Can you switch to a tracker deal which allows unlimited Overpayments ?
Your call

timg147

I would say off the top of my head it will definitely bring it down to 50% loan to value, Maybe even 40%.

dimbo61

Why are you on the SVR ?
You still need to wait another 5 months.
Can you overpay 10% even on a fix ?