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Cashing in Endowments
BellaBargains
Posts: 202 Forumite
I have 2 small, underperforming (surprise, surprise) endowments, that are not attached to any mortgages or anything. They are both due to mature in the summer of 2017. The first is with Standard Life, I pay £28.22 per month (from memory only 50% is with profits) and when I took it out it was with a target of about £22800. The second is with Aviva, I pay £17.04 per month and the target was £10000. DH thinks I should cash them in rather than continue paying them (he's not pressurising me or anything like that, just suggesting). I was wondering what factors I should consider when making my decision? Hope that question makes sense!
"There's hard work. And there's not so hard work. I prefer not so hard work. But if you mix not so hard work with hard work it's harder than the not so hard work but not so hard as the hard work."
Joshua, 6 years old
Money for treats:
Internet clicking: £67.37
Joshua, 6 years old
Money for treats:
Internet clicking: £67.37
0
Comments
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Anyone got any advice? - pretty please.
"There's hard work. And there's not so hard work. I prefer not so hard work. But if you mix not so hard work with hard work it's harder than the not so hard work but not so hard as the hard work."
Joshua, 6 years old
Money for treats:
Internet clicking: £67.370 -
You dont give the cash in value and you dont give any info about yourself!
If you have a big mortgage paying 5/6% and this money would help clear some of the balance then hey cash them in and pay a big lump off the mortgage.
Use the money you used to pay out each month in premiums on the endowments to overpay the mortgage on top.
I usually post on the mortgage free board ( dont know if you can tell!!!)0 -
DH thinks I should cash them in rather than continue paying them (he's not pressurising me or anything like that, just suggesting).
Has he done a cost analysis and included the mortgage promise values that both of these providers have? If so, it saves us a bit of time.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 -
I suggest you get in touch with the companies you have the endowments with first and ask for the surrender values of the policies. When you have this info you may have more of an idea if it is worth cashing them in. It wont cost you anything to get the information apart from the cost of the call and they should talk you through the procedure. You wont be committing to anything at this stage.0
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