# switching to a repayment mortgage?



## dcj (Apr 17, 2009)

Can anyone give me advice on switching to a repayment mortgage as opposed to part endowment,part repayment. Currently paying £420 per month with 12 years left,would it go up much if we went to total repayment?


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## chisai (Jan 1, 2009)

When my wife was made redundant about 12/13 years ago we switched to an offset mortgage which worked great for us with her payout. we did this through our bank and it saved us loads. Our payment actually went down a great deal but we continued to pay our endowment premium that we had been paying. 
Speak to your bank or an IFA for any deals going.


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## robertdon777 (Nov 3, 2005)

dcj said:


> Can anyone give me advice on switching to a repayment mortgage as opposed to part endowment,part repayment. Currently paying £420 per month with 12 years left,would it go up much if we went to total repayment?


Do you know how much you owe outstanding on the current Mortgage.

Just some quick samples below:

105K over 12 years @5% =

£971 Repayment or £437 Interest only

70K over 12 years @5% =

£647 Repayment or £291 Interest only

Good Calculator Here


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## dcj (Apr 17, 2009)

robertdon777 said:


> Do you know how much you owe outstanding on the current Mortgage.
> 
> Just some quick samples below:
> 
> ...


£46000(ish) up to date,and with a repayment would only be paying about £50 per month more so could be tempted into doing this.


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## robertdon777 (Nov 3, 2005)

Well worth it with such a low mortgage


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