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Endowment completion

needaholiday
needaholiday Posts: 572 Forumite
Part of the Furniture
in Mortgages & endowments
My endowment is ending later this year. I do not need the capital to repay my mortgage as since moving years ago I changed to a Repayment mortgage. I don't intend cashing in the endowment early but wondered if it would be possible to stop paying any further premiums without any penalty?

Comments

  • paulfaz
    paulfaz Posts: 95 Forumite
    Part of the Furniture 10 Posts
    You could make it 'paid up' even at this late stage but I am pretty sure you'd lose any terminal bonus and /or face a lowered pay out.

    You'll probably be better off carrying on paying the premiums until the end.
  • EdInvestor
    EdInvestor Posts: 15,749 Forumite
    Which provider is it?Is it a with profits endowment?
    Trying to keep it simple...;)
  • needaholiday
    needaholiday Posts: 572 Forumite
    Part of the Furniture
    Yes-it's with profits. Was originally with National Mutual but they have been taken over a few times and the current company is Windsor Life.
  • dunstonh
    dunstonh Posts: 120,396 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    needaholiday wrote: »
    Yes-it's with profits. Was originally with National Mutual but they have been taken over a few times and the current company is Windsor Life.

    oh dear. I would suggest a review of the options and dont rule out surrender or sale.
    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.
  • EdInvestor
    EdInvestor Posts: 15,749 Forumite
    It's very likely surrender will be the best option.Do not make it paid up you will lose out.
    Trying to keep it simple...;)
This discussion has been closed.
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