Cash in or keep Standard Life endowment

Sootzer

Hi Any thoughts on this much appreciated.. Thanks in advance.
Should i keep or cash in
there is mortgage promise there but would it still be valid if not linked to pay mortgage off.

endowment no longer linked to mortgage as is now repayment

however mortgage was for £23250
Plan Type : Minimum Cost Plan (80)

Current Surrender Value at 13 Jul 2009
Basic value 9,487.15 Final Bonus123.15 Total plan value 9,610.30
Endowment01 Apr 2014 £28.88M Decreasing Term Benefit01 Apr 2014 £1.97M
3.75% pa 5.5% pa 7.25% pa
£12,574.92 *£13,100.00 £14,100.00

Total future
payments
due £1,727.60

The total future payments due until 01 Apr 2014 shown in the final column includes:

• £110.32 payments for Decreasing Term Benefit

Monthly payment £30.85

Important notes

• <LI class=dataText>Please note that these figures are not guaranteed. <LI class=dataText>If you surrender your bond/plan we would calculate the value at the next available valuation point, so the surrender value may be different. <LI class=dataText>The Final Bonus is the amount that would have been paid if you had cashed in your plan on 13 Jul 2009. This bonus is designed to reflect with profits returns not already taken into account in the basic surrender value.
• Remember also that your plan currently satisfies the eligibility criteria of the Mortgage Endowment Promise and, if the relevant conditions are satisfied, may qualify for a payment under it. For further details, please refer to the last Annual Statement which we sent you in relation to your plan. We remind you that if your plan is surrendered in full or in part, it will cease to meet the eligibility criteria of the Mortgage Endowment Promise, and no payment will then be made under the Mortgage Endowment Promise in respect of the plan, even if the relevant conditions for such a payment might otherwise have been met.

EdInvestor

Please post an updated surrender value.What interest rate are you paying on the mortgage?

Sootzer

EdInvestor wrote: »

Please post an updated surrender value.What interest rate are you paying on the mortgage?

Hi thanks for reading my post ... this was the surrender value today


Current Surrender Value at 13 Jul 2009
Basic value 9,487.15 Final Bonus123.15 Total plan value 9,610.30

Mortgage interest rate 5.45 but morgage has only got 2 and a half years to run..endowment approx 5 years.

Sootzer

Anyone please?

EdInvestor

Sootzer wrote: »

3.75% pa 5.5% pa 7.25% pa
£12,574.92 *£13,100.00 £14,100.00

If you cashed in this endowment now, using the lump sum to reduce the mortgage and adding the monthly endowment prermium to the monthly mortgage payment so as to overpay, at maturity your return would be £14,665, which beats the best SL projection despite involving no risk.

Suggest you dump this one asap and proceed as above.Replace the life cover in advance if you still need it.

Sootzer

The present balance on the mortgage is 7485 plus about 900 early repayment fee...mortgage only got 2 half years to run...do the figures still stack up please?