What do I do with the endowment money?

Philh_2

Hi,

A while back policies I had all started showing red or amber alerts. I decided to change alot of my morgage to repayment and maintain a piece on interest only that could be paid by the reduced endowment values at maturity. I have just had a notice that one endowment is due to terminate. My question is what to do with the money as my mortgage still has 2 years to run. Should I use it to pay off capital on the endowment linked mortgage or should I invest it to the time the mortgage is due to end?

Regards
Phil.

andysdad_2

Phil
depends on a number of things.
What is your mortgage rate and what savings rate can you get?
What does your current morgage deal say about repaying and potential charges. Some allow a limited payment only per month without charge eg £500.
What are you like with having a large sum of money around for two years will you spend it or can it sit safely without being touched. How do you feel about paying off the mortgage some folks like to get rid of this debt as soon as possible regardless of savings rates.
Once you have answered these you have a clearer picture of what options you have and you can get more suggestions. You could also pop into the pay off your mortgage forum as there is a lot of disscussion on this issue there.

Cheers
AD