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Reduce mortgage by cashing in endowments
ian_s_2
Posts: 1 Newbie
Thinking of cashing in the endowments and paying off 50% of the mortgage and still pay the old monthley amount as bonuses are not worth talking about and intrest on mortgage 4% so a saving to be had.
What do you all think so far?
What do you all think so far?
0
Comments
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I did this 3 years ago and have never regretted it. Don't forget to arrange alternative life insurance for the lost endowments.0
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Who is the endowment provider?
What are the investments?
What are the costs of surrender?
Using an appropriate growth rate against an appropriate interest rate, what would be the net gain/loss of doing what you suggest?
Is there any mortgage endowment promise on your policy?
What is the cost of replacement life cover?
Has the endowment qualified yet? (if not then you can suffer a potential tax liability)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 -
Rocket_Scientist wrote: »I did this 3 years ago and have never regretted it. Don't forget to arrange alternative life insurance for the lost endowments.
Did same here and never looked back, but you need to be sure its right for you......0
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