Does this sound like good advice ??

pennywise2

Hi , Hoping someone can help with advice , My wife had a financial guy out the other day who advised we cash in our endowments to pay off credit card debts totalling 22k. We would get 25k for endowments at present . He then said to take out repayment mortgage for the same time period as we have ot the moment saving approx £300 a month on our total payments at present . Nearly sounds too good to be true or does this make sense to anyone ?
Sorry if this is posted in wrong section , feel free to move .

regards pennywise2

dunstonh

It is impossible for us to give any real comment of use to you as we dont have the facts.

However, there is some logic in what you say has been recommended as the short term debts are very likely costing more than the endowments ever have hope of returning. Switching to repayment gives you security of knowing your mortgage will end without shortfall.

If the repayment period is the same and you save money and get replacement life assurance then on face value it seems to be a winner.

pennywise2

Many thanks Dunstonh for the reply , sorry to be so vague with details on this but my wife has all the details and is away to work .All i know is we have seven years left to pay on mortgage and the endowments are pretty close to being on target , last year they were very poor .
Hopefully this works out as it would be nice not to have to worry about the c/c repayments again and get the peace of mind of knowing the mortgage will be paid of in full at the end of the term .

Pennywise 2