Endowment offer - should I take it ?

lycrawearer

Okay fellow MSe's ... this is my current circumstances & this is what I propose .... any recommendations ?

Endowment Mortgage currently - £60,000 - paying approx £320 p/m inc endowment
Car Loan - £7,000 - approx 40 months to go

Recently complained about my mis-sold endowment and have been offered almost £1,900. Can surrender the policy also & get a further £3,000 thus making approx £5.000.

Also have approx £2,000 in savings.

Was thinking of taking the offer, surrendering the policy, combining with my savings & paying off the car loan - thus freeing up £200 per month. Then turn the current endowment mortagage into a repayment (same term - 15 years left) as the £200 gained will then cover the increase in mortgage payments.

Also have a seperate mortgage ISA going (£80+ per month) which my wife will keep going - be a nice nest egg in 15 years time hopefully.

Anyone see any flaws in this ?

Cheers

Lycrawearer

EdInvestor

No, sounds like an excellent plan to me.