anyone cashed in their endowment?

asp746

i have 12yrs left to run on an endowment before it matures and i've thought long and hard and decided i want to cash it in.

i've figured out if i cash it in, pay what i get straight off the mortgage then i will benefit more.

has anyone had any experience of this, i'd appreciate any advice.

Peelerfart

In answer to the OP's question - Yes I did exactly what you are proposing about two and a half years ago,and I don't regret it. The world of finance has changed a lot since then so I think my experience may be a little out of date but I'm happy to share it if you wish.

Please though,you have over 300 posts,and,in my opinion Dunstonh is one of the top three contributors on this forum,chill out yeah !

Merry Christmas

PF

hermanmunster_3

I cashed 2 in quite some years ago - they were performing pathetically. I put the money into the offset mortgage pot where it has done very nicely

asp746

many thanks for the replies. i think i'm best cutting my losses as there's really no point hanging on anymore.

i've changed my mortgage to a repayment but kept the endowment but i've been paying £44 per month for 14 years and it's only worth £5k so i just think it's time to be shot of it.

whatever i make i'll pay directly off the mortgage and because i'm used to not having the £44 i'll just pay that off.


does anyone know approx what a fare price would be to surrender it? i'll do the customary google but if someone on here's already done a lot of research:T

Annisele

If it's unit linked, then the price you'll get is the price the insurance company is offering - there's no negotiation, so no real concept of a 'fair price'; you get what you get.

If it's traditional with-profits, you might be able to sell it to a third party for more than the surrender value (though there's still no negotiation with the insurance company).

wymondham

It's quite personal if its right for you, but we did this a few years ago and paid off the mortgage with it, plus some other bits. Everything was heading down at the time so seemed ok to get out, but you'll need to see if its right for you....

opinions4u

Before you do surrender ask if there is a mortgage promise with the policy. If there is ask for it's value. Then decide what to do.

Gorgeous_George

This was my story (link).

No regrets.

GG

tiernsee

We sold the endowment policy which had about eight years left to go, paid if off the mortgage and then offset the rest. Last April we cleared the mortgage, however, am now planning on moving next year so likely to get a mortgage - will most definitely be doing a repayment mortgage this time!