Endowment AND repayment mortgage

[Deleted User]

Getting near to moving mortgage - 1 year tie in ends at end Nov 04 ;D.

Our existing mortgage is in 3 "lumps" - 1st endowment (31% of total loan) due up in 2008 - looks ok; 2nd endowment (30% of loan) due up in 2013 - "bearable" shortfall; 3rd (last 39% of loan) due in 2018 - that bit is such a disaster we are getting (some) compensation and will probably cash in and use the cash to repay around 10% of the borrowed amount. That means that we will keep 2 endowments running, but need a capital and repayment slice for the last part.

Trying to use mortgage calculator websites is difficult due to multi-layer arrangement. Anybody know of any websites sophisticated enough to cope with "move your mortgage" calculations as seemingly complicated as that? If not, any advice on how to approach the remortgaging process?

As always, thanks in advance for help for the newbies.

Mr & Mrs Wild Rover

MarkyMarkD

It's only the split between repayment and interest-only that matters.  The Charcol Online comparison engine has a "part and part" option on there, so should do what you want.  Specify the term as the term for the repayment part as it's irrelevant what the term is for the rest.

As you probably realise, the fact that part matures in 2008 means that you don't want a product with 5 year penalties unless it allows large overpayments.  But based on your previous experiences (qv) I doubt that you will want a long-term tie in any case!  Four years is an uncomfortable period, though - there are not many 4 year products about.  Maybe 2 x 2 years will suit you?