windfall

windybottom_2

I have a interest only Mortgage of £40,000 @ 5.29% variable that has
8yrs 6mths left to run.I have Endowment policies with Standard Life that are
not going to payoff all the mortgage i dont know exactly how much the shortfall will be but its not about that i need advice on.I have been left £20k
and would like to know what to do with this windfall? I also think i could save
or overpay £150/200pm off my mortgage.Should i use my windfall and payoff
£20k off the mortgage and then overpay to clear it or should i get an offset mortgage or maybe change to a lower rate repayment mortgage and put my windfall in a saving account. I would still keep my Endowments going.Life was
easier before i got this windfall, all i do now is think HOW BEST TO MAKE THIS WINDFALL WORK FOR ME.Any help and advice you can give me would
be really helpful ......THANKS
p.s I am away from home 3/4 days aweek (coachdriver) so might not be able to answer your questions right away

EdInvestor

Could you post some info about the endowments, as often it is better to surrender/sell them rather than keeping them on.

Guaranteed sum assured
Declared bonuses
Surrender value (ring up and ask)
Monthly premium
Maturity date

You may find the best plan is to get rid of them, then use the proceeds to reduce the capital owed on the mortgage, and overpay what's left via salary, while keeping the whole of the windfall pot for saving/investing. Or you could pay it off completely with part of the windfall pot and save/invest the rest.

But you can't really make a decision until you know how much the endowments are worth.