Endowment surrender or persevere?

caxia

Please could someone give their opinion on whether we should surrender this endowment.
Its a Guardian Freedom for homebuyers policy started Aug 92 to repay in Aug 2017 (8 years left).
The premium is £49.61 pm. Service charge just gone up to £4.35pm (nearly 9%!!).
We have paid in £10070 to date and the surrender value today is £7712.
We dont need it to pay the mortgage as that is now all repayment.

Should we keep going or give up? It seems to me that the service charge would gobble up any growth.
Thanks for looking.

EdInvestor

Is this a unit linked policy?

What interest rate are you paying on the mortgage?

Please post the projected returns of the policy at maturity.

caxia

Thanks Ed
It is a non-qualifying unit linked whole of life plan (?).
Interest rate on mortgage is 3.00% and hopefully we will have it paid off this year.
Projected returns : at 4% = £13,100 / 6% = £15,100 / 8% = £17,400
The target was £29,000