Endowment cash in

caxia

Hi
Am brand new to this. Despite reading lots of other peoples posts I wondered if anyone had an opinion on what we should do regarding our mortgage.

We have worked hard to reduce our Nationwide mortgage to £40000. The fixed rate (5.09%) deal is due to expire in Feb 2009. It is now fully repayment mortgage.
Thing is we have 2 endowments. Should we cash them in soon to pay off a lump of the mortgage in Feb before we renegotiate (hopefully) a deal?

Boring bit:
Endowment 1 : Guardian Financial services
Premiums £49pm. Maturity date : 2017. Current surrender value : £7561
Original target amount : £29000

Endowment 2 : Standard Life
Premium £17.80 Maturity date 2012 Current surrender value : £8000
Original target amount : 14000

Does anyone think its worth persevering with these or just cash in and reduce the mortgage now?
Thanks for looking!

EdInvestor

Post the maturity forecasts.

Norfolk_Dumpling_2

Hi, I'm in a similar position but only have part of mortgage on repayment. (5yrs to go) Now found out endowment for £26,000 was over £12,000 cash in value in August and now is £11,000 and falling. Told that they are governed by FSA or similar and if they go down the pan we will get £2000 for sure and 90% of what the figure was when they cease trading. My daughter has been advised to put all her mortgage on repayment, cash these endowments in and put them in cash ISAS. I'm Considering this myself as I cannot see the endowment doing much in 5 years if we are going to be in a recession for 2 years or so. I've paid in over £10,000 in the last 20 years.