Posted by admin on Sunday, November 8, 2009 · Leave a Comment
I will have a shortfall of about £17,000 on my endowmemt mortgage,which comes to an end in about 7 years. I've been saving to help cover the shortfall,I have £6000 so far in various ISAs.
The question is would it wiser to use the funds to pay off part of the loan NOW,or carry on saving .
Anyone out there with similar circumstances ?
Thank you.
I am in exactly the same position as yourself and my mortgage ends in 7 half years. I have started putting money away in a high deposit savings account and hopefully when the mortgage ends I should have enough to cover the shortfall.
If I use the money to pay the mortgage up earlier I will be charged a settlement fee, so it's in my interests to keep saving and wait until the mortgage and endowment end.
It's sickening though when after all these years hoping that I would own my house and have a small lump sum in the bank has been dashed.
I really think you need to speak to your mortgage company and see what they recommend as they all vary and have different rules and regs (as well as fees) for trying to overpay to meet the shortfall. In conclusion, I think we're stuffed either way!!
Good luck
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