Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

    oops a daisy
    should I sell my endowment ?
    • #1
    • 22nd Jun 07, 10:54 PM
    should I sell my endowment ? 22nd Jun 07 at 10:54 PM
    I know this gets asked a lot on here but I would really like somebody with a bit more knowledge on the subject to look at my figures for me please. My endowment details are as follows
    start date 29.08.91 maturity date 29.08.16 so has 9 years to go
    basic sum assured 17193.00 attaching bonuses 7292.00
    monthly premiums 73.74
    The surrender value offered from L & G is 19248.70
    highest offer from APMM is 20698.00
    My mortgage details are as follows
    Interest only balance owing 33765.00 ( original mortgage was for 55k but have made unrestricted overpayments due to redundancy payout, savings, small inheritence and monthly overpayments of what ever I can make )
    Mortgage taken out on a tracker at a small % above BOE rate in October of last year fixed for 5 years current rate 5.84%.
    OK so my thinking is that if I surrender my endowment I will be 'saving' the monthly premiums of 73.74 per month and 'saving' interest payments on 20698 ( approx 100 per month ) so total 'saving' would be 174 per month approx. I would be left with a mortgage balance of 13067 which ideally I would like to pay off before the 5 year fixed rate ends.
    Basically I would like to know if the offer that has been made by the APMM member is a fair offer - seems good to me but I have no experience in these matters. I think I would be better off doing the above as having a mortgage of about 13k would leave me at much less of a risk to increased interest rates. Also I have not actually got another job yet and think that I would be protecting my 'savings' by paying off my mortgage with them should I not get another job soon.
    Am I thinking along the right lines :confused:
    Thanks for reading
    Official DFW Nerd Club Member #37 Debt free Feb 07
Page 1
Welcome to our new Forum!

Our aim's to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

157Posts Today

1,379Users online

Martin's Twitter