mortgage repaid in 2010 - what to do

stagey_2

We have a tracker mortgage which ends in Aug 2008 - the mortgage will be repaid in July 2010 - and there is around £23000 o/s. I think I may be right in thinking that no one will take us on with such a small mortgage and we'll have to stay with our current provider (Halifax) - certainly with the fees that are now demanded probably not worth moving. However, we have an endowment running (as a savings (!!) plan) and yes it has underperformed but that is another story - due to mature also July 2010 - the thought is should I just cash it in and pay off the mortgage - I can then open another savings plan with the money I'm spending on the mortgage and endowment - what does one think?? thank you

Lomion

can you overpay on the mortgage?

EdInvestor

stagey wrote: »

However, we have an endowment running (as a savings (!!) plan) and yes it has underperformed but that is another story - due to mature also July 2010 - the thought is should I just cash it in and pay off the mortgage - I can then open another savings plan with the money I'm spending on the mortgage and endowment - what does one think?? thank you

Post some figures on the endowment to sere if it's worth waiiting till maturity

Provider
Guaranteed sum assured
Declared bonuses
Surrender value
Monthly premium
Maturity forecasts
Interest rate payable on mortgage

Your plan may well be the best way forward but some endowments have hidden value, so it's worth checking.