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Cancelling endowment and putting money off mortgage
MJI1962
Posts: 37 Forumite
I have 13.75 years left on Mortgage, 10 on Endowment, endowment is worth not much in fact only £500 more than I paid in.
Should I cash it in, put money off the mortgage interest only section and put the endowment money as extra repayments?
Rough figures are shortfall of £5000 best is £2000 shortfall, repaying would be clearing the interest only section in about 11 years. (ok £2000 extra at full term)
SHould I do it?
Should I cash it in, put money off the mortgage interest only section and put the endowment money as extra repayments?
Rough figures are shortfall of £5000 best is £2000 shortfall, repaying would be clearing the interest only section in about 11 years. (ok £2000 extra at full term)
SHould I do it?
0
Comments
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We cannot give an opinion about an endowment policy unless we know something about it.
Shortfall illustrations are not enough to decide if an endowment is good or bad (plenty of good endowments that go on to pay surplus showed shortfalls on the examples). So, give us the information about the plan and we can make a comment.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Post some info
Provider
Guaranteed sum assured
Declared bonuses
Surrender value
Minthly premium
Maturity date
Maturity forecasts
Interest rate payable on mortgageTrying to keep it simple...
0 -
... and then we'll tell you to cash it in.
GGThere are 10 types of people in this world. Those who understand binary and those that don't.0 -
Don't be so cynical GG, we do get a decent one occasionally. Trying to keep it simple...0
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