Maturing Endowment

tamysha

We have an endowment policy that is going to mature in November with Phoenix. They have written to us to tell us what we might get on maturity. We have no idea what we are then supposed to do with this matured endowment. We still have a very large mortgage, but it isn't the same mortgage we had when we started the endowment. The mortgage is interest only and we currently only have life insurance as protection to pay this off. We are tied in to a 2 year deal with the mortgage company with 18 months to run, we then have to move this mortgage or pay a much higher rate. Do we have to use this endowment to pay off part of this mortgage?

dunstonh

See if there is an overpayment option for a certain amount on the mortgage. If not, and with any suprlus, put the money in savings accounts until the tie in period of the mortgage ends.