FP Endownment

T4LFR

Wondering if anyone can offer any decent advice.

I took out a FP endownment in 1999 for my then mortgage of 40k , so been paying for nearly ten years at 66/month. It seems that it will fall short of the 40k (possibly by quite alot).

However I have since moved and started paying a new repayment mortgage for the full 25yrs, at the time my though was keep the endownment going and it could be a nest egg or could go towards my new mortgage when the endowment matures.

Question is now -

Would i be better of if I cash the endownment in /or sell it(and get less than what I have paid in! - circa 7k), put the lump sum towards the new mortgage (or keep it!) and then take the 66 I was paying to the endownment and overpay the mortgage??? Appreciate anyones thoughts there...

EdInvestor

Post some more info

Guaranteed sum assured
Declared bonuses
Surrender value
Maturity date
maturity projections
Interets rate payable on mortgage

T4LFR

Guaranteed sum assured - I dont see this on my documentation???
Declared bonuses - same again, the documenatation is all very woolly around what they will pay out by way of bonuses - e.g. we may pay a final bonus etc
Surrender value - circa 6k
Maturity date - 2024
maturity projections - 21.6k, 26.1k and 35.7k
Interets rate payable on mortgage - the new mortgage that I have is on nationwide SVR @ 3.5% which is prety good at the mo...

tartanterra

Are you sure that this is an endowment policy?

T4LFR

I might be daft but I am not stupid - mortgage endownment plan:rolleyes:

tartanterra

Then the Guaranteed Sum Assured should be clearly stated in the documentation.

tartanterra

Also your yearly statements will clearly show any accrued bonuses.

maninthestreet

T4LFR wrote: »

Guaranteed sum assured - I dont see this on my documentation???
Declared bonuses - same again, the documenatation is all very woolly around what they will pay out by way of bonuses - e.g. we may pay a final bonus etc
Surrender value - circa 6k
Maturity date - 2024
maturity projections - 21.6k, 26.1k and 35.7k
Interets rate payable on mortgage - the new mortgage that I have is on nationwide SVR @ 3.5% which is prety good at the mo...

You should get an endowment statetment every year that shows the Declared Bonuses (these won't be the original endowment documentation), plus it will show the Guaranteed Sum Assured.

T4LFR

I have trawled the docs and there is nothing about assured return, only what I may get back if it grows at certain levels... I get the yearly statement but only comments on what i may get back if ..........

EdInvestor

It may be a unit-linked endowmwnt or a unitised With-profits endowment. The documents should show the fund the money is invested in.

Please ring up for an exact surrender value and updated projections..

T4LFR

40k sum assured

This is is unit linked endownment - can anyone help with this I spoke with FP and even they couldnt expalin how the bonuses work. Thoriginal question still remains...