Endowment..cash in or keep?

Jarvojarvo

I have a 25 year term Standard Life with profits, matures august 2017, £46 per month, with life cover. Its not linked to any mortgage.

I need a deposit for a new house, I believe Barclays want 15% min, so Im short on the house I want. My house is neg equity, having lost 10k since I bought it. However a new build part ex seems very attractive as they will pay my fees etc etc.

I have 20K, but feel reluctant to cash in the endowment after all these years of paying it, although realise the growth has been poor etc.

My question is:

I need about another 15k, am I throwing away a much better return if I wait for the 2017 maturity.

I am going to ring standard life for a figure for now, but have no idea whats its worth now or what it might be worth in 2017.

PLease can you help me!!

dunstonh

Also ask Std Life what the mortgage promise values you (typically supplied in a range). These are not added to the surrender value as they are only paid on maturity. A MEP value of say £500 is insignificant but we have seen some in the tens of thousands of pounds which would make the surrender decision very difficult (as you would be throwing away that MEP on surrender)

Jarvojarvo

dunstonh wrote: »

Also ask Std Life what the mortgage promise values you (typically supplied in a range). These are not added to the surrender value as they are only paid on maturity. A MEP value of say £500 is insignificant but we have seen some in the tens of thousands of pounds which would make the surrender decision very difficult (as you would be throwing away that MEP on surrender)

thank You very much for this, I will ask Standard Life. Thats really helpful, Im not aware of the MEP, I will google it now. Thanks again

Jarvojarvo

dunstonh wrote: »

Also ask Std Life what the mortgage promise values you (typically supplied in a range). These are not added to the surrender value as they are only paid on maturity. A MEP value of say £500 is insignificant but we have seen some in the tens of thousands of pounds which would make the surrender decision very difficult (as you would be throwing away that MEP on surrender)

hello, my endowment MEP is between £3080-4620 based on todays quote, does this make it more worthwhile to keep until 2017. cash in today would be £13506

thanks:j