Cancelling endowment and putting money off mortgage

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MJI1962
MJI1962 Posts: 37 Forumite
in Mortgages & endowments
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?

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  • dunstonh
    dunstonh Posts: 116,594 Forumite
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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.
  • EdInvestor
    EdInvestor Posts: 15,749 Forumite
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    Post some info

    Provider
    Guaranteed sum assured
    Declared bonuses
    Surrender value
    Minthly premium
    Maturity date
    Maturity forecasts
    Interest rate payable on mortgage
    Trying to keep it simple...;)
  • Gorgeous_George
    Gorgeous_George Posts: 7,964 Forumite
    First Anniversary Combo Breaker
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    ... and then we'll tell you to cash it in.

    :)

    GG
    There are 10 types of people in this world. Those who understand binary and those that don't.
  • EdInvestor
    EdInvestor Posts: 15,749 Forumite
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    Don't be so cynical GG, we do get a decent one occasionally. ;)
    Trying to keep it simple...;)
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