Endowment to repayment?

mogsy1

I have a endowment mortgage with Prudential which ends June 2017.I have an amber risk of a shortfall and am thinking of moving from the endowment to a repayment mortgage.I have had valuations on my policy and thought that if i sell my policy that i could use that to reduce my mortgage overall.The mortgage provider is Lloyds Tsb.Can anybody suggest what may be the best course of action for me? The prudentials answer was to increase the premiums but i think there may be better options for me.

Ian_Griffiths_Halifax

You could seek compensation for being missold the endowment and then pay this and the proceeds of the cashing in/sale of the endowment off the mortgage, then change the balance to repayment.

You may find somebody who will buy the enowment rather than cashing it in.

Paying extra to the endowment is just like throwing good money after bad.

dunstonh

Pru do have a 100% success rate on hitting target though and even endowments that end up in surplus have shortfall illustrations. Paying extra into the endowment shouldnt be an option at this stage as there is less than 10 years to go to maturity and that would turn it into a non-qualifying policy. I'm surprised Pru offered that option (probably low skilled clerk).

Any extra should go to mortgage.

EdInvestor

Post some info on the endowment for a view

Guaranteed sum assured
Declared bonuses
Surrender value (and average buy offer received)
Monthly premium
Maturity forecasts

Interest rate payable on mortgage