Cashing in an Endowment

alunp

Hi

I'd like to get rid of an endowment. It was meant to cover the mortgage of a home I moved from and sold, so I don't need it for that purpose anymore.

I've carried on paying it but don't want to anymore. Would rather get the money.

What are the options. Can I just redeem it? Can the policy be sold on the open market? which would typically fetch me more money?

And how do I actually sell or redeem (depending on which is the best option)

Ta

Al

belfastgal

i got advise on this very subject a while ago and got a link of different companies who would buy it from you. they were all for more than i was offered as a surrender value from the company my endowment was with.will track it down and post the link.
Its https://www.apmm.com
you can do it online, and then they post you out any offers for your policy. really easy

alunp

belfastgal wrote:

i got advise on this very subject a while ago and got a link of different companies who would buy it from you. they were all for more than i was offered as a surrender value from the company my endowment was with.will track it down and post the link.
Its https://www.apmm.com
you can do it online, and then they post you out any offers for your policy. really easy

Wow what a fab answer. Many thanks!!!

dunstonh

Remember, not all endowments are bad. Some are quite desirable and that is why you often get these companies offering you are lot more money for them. If you get an offer that is quite a lot higher than the surrender value, you should ask yourself why. You may think you are getting good value but the person buying it could be getting a lot better value still.

alunp

Thanks for the tip Dunston.

I'll bear that in mind once I get an offer.

alunp

Anyone know what the tax implications are ?

dunstonh

if you are not a higher rate taxpayer or close, then no implications. Only higher rate taxpayers face a potential liability and that depends on how long you have held it for.