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paying an endowment up
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AGAR_2
Posts: 35 Forumite
would it be worth paying an endowment up now,i have seven years to pay at 37 pounds a month
surrender value is about 11k
9375 sum assured ? at work so maybe a little out
have a repayment mortgage now 21k to pay 13 years to go on this
endowment which was with the house was for 26k surrender value 4995 start date 22/11/96 thats 40 a month is this worth still paying into at all.
so original question pay up the first endowment or sell or surrender it
or sell or surrender both and pay of mortgage with them plus some savings
any advise welcome
happy newyear
surrender value is about 11k
9375 sum assured ? at work so maybe a little out
have a repayment mortgage now 21k to pay 13 years to go on this
endowment which was with the house was for 26k surrender value 4995 start date 22/11/96 thats 40 a month is this worth still paying into at all.
so original question pay up the first endowment or sell or surrender it
or sell or surrender both and pay of mortgage with them plus some savings
any advise welcome
happy newyear
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Comments
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Since all the amounts are low, I'd be inclined to cash in and reduce your mortgage....0
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who is the endowment with, what are the investments, what are the charges, what is the cost of life cover?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.0
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endowments are with norwich union strart date aug 91/nov 96
mortgage is with halifax 175 pounds early payment penalty
i am at work so what other info you need will post later
so paying up an endowment maybe not a good idea then
thanks for replying and help would like to be mortgage free next year 13 years early but the thought of making the wrong move with the endowments is a worrie for the future, of the top of my head
mortgage payment is 185+12 pounds insurance
endowment which was with house 40 pounds a month(4995 surrender)96
endowment saving plan 37 pounds a month(about 11k surrender)910 -
By The Way I Am 380
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Post the following info about the endowments:
Provider
Guaranteed sum assured
Declared bonuses
Surrender value
Monthly premium
Maturity date
Maturity forecasts
Interest rate payable on mortgageTrying to keep it simple...
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dont forget the mortgage promise value as many NU plans have those and some are very high.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.0
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