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Endowment surrender: can I use money to pay off mortgage while on benefits
martinsimpson
Posts: 15 Forumite
Hi All.
Like most people's endowments mine has performed badly. It's a 25 year policy with 5 years left to run and I expect the shortfall to be around £18,000. It would be better to surrender the policy now and use the money to pay off more than half of my mortgage. But if I do this will I violate any DWP rules (£6,000 savings rule for example) and have my benefit stopped or reduced? Will they allow me to surrender my endowment and use it to part pay off my mortgage as the endowment is intended to do. I don't want to keep it while the world markets are in utter turmoil
Anyone have any reliable sources of information about this?
Many thanks
Like most people's endowments mine has performed badly. It's a 25 year policy with 5 years left to run and I expect the shortfall to be around £18,000. It would be better to surrender the policy now and use the money to pay off more than half of my mortgage. But if I do this will I violate any DWP rules (£6,000 savings rule for example) and have my benefit stopped or reduced? Will they allow me to surrender my endowment and use it to part pay off my mortgage as the endowment is intended to do. I don't want to keep it while the world markets are in utter turmoil
Anyone have any reliable sources of information about this?
Many thanks
0
Comments
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Why do you keep asking this question which has already been answered around 4 times?
Trying to keep it simple...
0
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