We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
any advice on cashing in my endowment?
Briarcal
Posts: 3 Newbie
Hi there. We are about to sell our house in England and move to the Scottish highlands where we hope to buy a small house. We currently have an endowment mortgage with only four years left to go.
We have 2 choices. 1. sell the house but keep the endowment going and take out a mortgage for the new house or 2. cash in the endowment now and be left with needing a much smaller mortgage. The second option would really help us as our work options might not go according to plan up there!
In four years time the endowment will be worth about £50K and we really don't want to cash in unless we can get something not too far off. Does anyone have any advice please?
We have 2 choices. 1. sell the house but keep the endowment going and take out a mortgage for the new house or 2. cash in the endowment now and be left with needing a much smaller mortgage. The second option would really help us as our work options might not go according to plan up there!
In four years time the endowment will be worth about £50K and we really don't want to cash in unless we can get something not too far off. Does anyone have any advice please?
0
Comments
-
you would need to tell us about the endowment for us to comment on it.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.0
-
Thanks. It was taken out in 1988 with Prudential to cover a £50K mortgage. According to Prudential it is still on line to pretty much cover that amount in four years' time. It costs just over £60 per month. Not sure what else to tell you. Our interest only mortgage is with HSBC on SVR so very cheap at present.0
-
Post some details
Guaranteed sum assured
Declared bonuses
Surrender value
Monthly premium
Maturity date
Maturity forecasts
Interest rate payableTrying to keep it simple...
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.8K Banking & Borrowing
- 253.4K Reduce Debt & Boost Income
- 454K Spending & Discounts
- 244.7K Work, Benefits & Business
- 600.2K Mortgages, Homes & Bills
- 177.3K Life & Family
- 258.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards