do i pay my morgage off

cathdave

I currenlty have a mortagage for £46.000. I have 3 endowments policies all of which have a shortfall. Two of these are due to mature over the next couple of months I will get about £30.000. Do I pay off the mortage with this money which will leave me with £16.000 or do I invest the £30.000 for about 3 years which is when my other endowment policy is due to £4.000, and if I invest what is the best way to do this.

Thanks Cath

dimbo61

1 You took out the endowments to pay off the mortgage in the first place!
2 If you have £30K in savings and lose your job the nice benefits people expect you to live off your savings
3 You dont give your mortgage interest rate but you need to earn more ( after TAX) from your savings rate than you pay in interest.
4 If you paid off £30K from your mortgage ( check if allowed with lender ) and kept the mortgage payment the same you would be overpaying the mortgage and have less worries about the 3rd endowment.
5 Dont cash in endowments early as you may get terminal bonsus.
6 you have given no details about the endowments you have and you may even be better off selling the 3rd endowment in a couple of months when the others mature and paying this off the mortgage debt then clearing the rest asap
7 You need to post all endowment details for the experts to have a look.