I presently have an endowment interest only mortgage for £60,000. The mortgage runs for 25 years and have ten years left. Can anyone give me a ball park figure of how much capital I would had paid off if I had taken out a repayment mortgage instead?
2007-02-09 06:50:44 · 2 answers · asked by paulies01 1 in Business & Finance ➔ Personal Finance
Assuming that you paid the minimum monthly repayment as notified to you by the lender as the interest rates changed, then approximately speaking, you would have paid off half of the loan (30,000pds) at the 15 year point, leaving the other half to be paid in the remaining 10.
2007-02-12 14:02:38 · answer #1 · answered by Billybean 7 · 0⤊ 0⤋
I don't want to gloat, but after 15 years I had paid off my 25 year repayment mortgage. I simply increased the monthly payments in line with my income. Not that this is much consolation to you - but let it be a lesson to anyone contemplating taking out an endowment mortgage. They are a CON!
2007-02-09 07:15:04 · answer #2 · answered by david f 5 · 0⤊ 0⤋