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Standard Life Endowment Mortgage
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okydoky
Posts: 267 Forumite
My 1987, twenty five year endowment currently has a surrender value of just over half of the mortgage value, with just over two years to go.
I appreciate that this will fall well short, but am unsure whether to cash it in and bite the bullet, or whether to let it run it's course - might there be some terminal bonus not mentioned in the surrender value shown on the web-site.
Any views??
I appreciate that this will fall well short, but am unsure whether to cash it in and bite the bullet, or whether to let it run it's course - might there be some terminal bonus not mentioned in the surrender value shown on the web-site.
Any views??
0
Comments
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Check with Standard Life by phoning them up; but the surrender value is likely to be far less than the accumulated real current value of the policy; and when it does mature that policy value will probably be increased by a terminal bonus payment of some sort. It may eventualy be worth much more than you think. Unless you are in dire straights and are desperate for the cash it will probably be in your interests to keep paying for another couple of years.0
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My standard Life policy matures at the end of next month.
With the Mortgage gaurantee and Final bonus added will be about £6000 short of it's target of £22500.
On the up side it's better than my Freinds Prov as this is £6000 short but it only had to make £19000 this includes a final Bonus of 25%.
Now it looks like a new mortgage for the next three years or so.0 -
might there be some terminal bonus not mentioned in the surrender value shown on the web-site.
yes. There may also be a mortgage promise value as well which is only paid on maturity, not surrender.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 -
Current surrender value according to website is £11,339 against target of £20K. Premium is £26.80pm and runs to June 2012.
Any best guesses as to final value on maturity - I am trying to balance a few things out and wonder what early surrender might actually cost me.
Thanks0 -
My guess is that you will not make £12.5K at maturity - but it a guess. You need an IFA to advise properly.
I surrendered my policy back in 2007 with 18 months to run to maturity. I am confident that it was the right decision.
GGThere are 10 types of people in this world. Those who understand binary and those that don't.0 -
Sorry wrong thread0
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