Mortgage/Endowment Advice Please

Anniek1969

I currently have a Standard Life with profits endowment policy which I have just recently received £2600 compensation for. I have yet to change my mortgage to repayment which I will do in the next few weeks but my question is would it be better for me to surrender my endowment which is currently worth around £5k and pay that to my mortgage to reduce my mortgage and use the monthly payments I had been paying to Standard Life toward my mortgage so I can reduce my repayment time.

My mortgage is currently only £25000 so if I pay back the £5k from the endowment and use the £26 per month extra to my mortgage I should be able to repay it in about 8 years. Or should I cash it in and throw it toward some of my debt, it should pay off about half of it and use the money I'm saving on them to help with mortgage repayments.

My endowment has been running for 13 years but only seems to be worth around £700 more than we have paid into it. I know someone said on the Standard Life thread that it might be better to surrender the endowment and keep the shares when they demutualise (we've been told if it goes ahead that we should get 246). Just wondered what everyone else thinks of this idea or should I just keep it running it's got another 11+ years to run.


Thanks for all your advice.