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  • FIRST POST
    • johnspacer
    • By johnspacer 19th Mar 17, 12:26 PM
    • 3Posts
    • 1Thanks
    johnspacer
    Anyone sold an endowment
    • #1
    • 19th Mar 17, 12:26 PM
    Anyone sold an endowment 19th Mar 17 at 12:26 PM
    I have decided to try and sell my endowment and pay of my mortgage. I am going to do it next month after the bonuses for last year are added.
    I have tested the water by getting quotes in the last few months and I have been offered nearly £1000 more for selling than surrendering- will easily cover my outstanding mortgage
    Now I am getting nervous - given that my home is the biggest purchase I have ever made and I have spent 20 years paying for it I don't want to take any risks.
    Is there anyone out there who could offer reassurance or share their experience of selling an endowment?
    Thank you in advance for taking the time to reply.
Page 1
    • AnotherJoe
    • By AnotherJoe 19th Mar 17, 12:29 PM
    • 6,573 Posts
    • 7,011 Thanks
    AnotherJoe
    • #2
    • 19th Mar 17, 12:29 PM
    • #2
    • 19th Mar 17, 12:29 PM
    No, but there's a Telegraph article here on the process
    • dunstonh
    • By dunstonh 19th Mar 17, 2:15 PM
    • 88,188 Posts
    • 53,397 Thanks
    dunstonh
    • #3
    • 19th Mar 17, 2:15 PM
    • #3
    • 19th Mar 17, 2:15 PM
    Is your provider one that has an MEP (mortgage endowment promise)? These are in higher demand by the buyers. Although they usually hope you dont realise you have one as the MEPs are only paid on maturity and not included in a surrender value.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from a Financial Adviser local to you.
    • Mr.Generous
    • By Mr.Generous 19th Mar 17, 2:20 PM
    • 1,591 Posts
    • 2,387 Thanks
    Mr.Generous
    • #4
    • 19th Mar 17, 2:20 PM
    • #4
    • 19th Mar 17, 2:20 PM
    I looked at it for 2 policies, in the end the return was better keeping them and getting the final bonus. My 2 policies were supposed to cover £46,000 of mortgage and they paid out £31,000 on maturity. So much for the promises eh! I had done a miss selling claim but got a small payout because I had prudently realised years ago they were not going to cover the mortgage and had paid it off through sweat and toil. That counted against me in ombudsmans eyes.
    • johnspacer
    • By johnspacer 19th Mar 17, 3:42 PM
    • 3 Posts
    • 1 Thanks
    johnspacer
    • #5
    • 19th Mar 17, 3:42 PM
    • #5
    • 19th Mar 17, 3:42 PM
    Thank you for your repies. I have 2 prudential policies to cover a 50000 mortgage - they both finish Aug 18, the surrender value will meet the 50000. I pay 120pm for them. My mortgage deal is coming to an end and my payments are going from 120 to 180 per month. On my calculations it will cost me around £5000 to pay them up to the end. Given all the uncertainty with Brexit I would rather get out now and have the luxury of being mortgage free. I am just concerned about the safety of selling to a third party
    Last edited by johnspacer; 19-03-2017 at 3:43 PM. Reason: change date
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