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Advice/Help re Endowment & Remortging
crackers
Posts: 11 Forumite
Hello
I am new here and learning lots quickly.
I am looking to renew my mortgage as the current package is ending.
It is currently in two bits
1. £34200 mortgage interest only covered by a endowment with Axa Equity & Law.
I pay £71.98 a month it matures 26/02/23 and was originally to cover a £41800 mortagage. I use the life insurance with this .
On my last staement 16-01-04 it had a guaranteed maturity value of £22878.
A projected maturity value at 4% of £27300 and at 8% of 47000.
The value of the with profits investment on the 15-01-04 was £3162.41
2. £60000 repayment mortgage, monthly payments £382.84. Life insurance with Axa £55 pm to top up on endowment life cover.
Both mortgages are with the Nottingham BS.
I was thinking of going for a FD offset mortgage but reading the above think this is not suitable for us.
We bring home between us £3000 a month with no debt, £7000 savings and no dependants.
So do we
1. Merge the 2 mortgages into one repayment and keep the endowment as a savings.
2. Merge the 2 mortgages into one and get rid of the endowment.
3. Keep them seperate as they are.
Sorry for the lenghty question, any thoughts welcomed.
Nicky
I am new here and learning lots quickly.
I am looking to renew my mortgage as the current package is ending.
It is currently in two bits
1. £34200 mortgage interest only covered by a endowment with Axa Equity & Law.
I pay £71.98 a month it matures 26/02/23 and was originally to cover a £41800 mortagage. I use the life insurance with this .
On my last staement 16-01-04 it had a guaranteed maturity value of £22878.
A projected maturity value at 4% of £27300 and at 8% of 47000.
The value of the with profits investment on the 15-01-04 was £3162.41
2. £60000 repayment mortgage, monthly payments £382.84. Life insurance with Axa £55 pm to top up on endowment life cover.
Both mortgages are with the Nottingham BS.
I was thinking of going for a FD offset mortgage but reading the above think this is not suitable for us.
We bring home between us £3000 a month with no debt, £7000 savings and no dependants.
So do we
1. Merge the 2 mortgages into one repayment and keep the endowment as a savings.
2. Merge the 2 mortgages into one and get rid of the endowment.
3. Keep them seperate as they are.
Sorry for the lenghty question, any thoughts welcomed.
Nicky
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