Pls help us understand value of endowment

panismus

In 1994 I took a with-profits endowment policy for £160,000 to repay my morgage in 24 years time, i.e. in 2018 when I will be 65 years old. Premium was £280 per month.

In 2002, the endowment company wrote to us about a shortfall in the projected end-value of the endowment and suggested we paid an additional premium bringing the total monthly premium to £410 to make the targeted value of £160K in 2018 based on the government's growth estimates (6% pa if I remember well).

We agreed tp pay the increased premium. In the meantime we converted the interest-only mortgage to a repayment one and, thanks to a windfall, we now owe the building society less than £60,000 instead ofd the original £160,000. We feel there is no reason to have the endowment and wish to sell it 12 1/2 years after starting it. The guaranteed amount in the last endowment statement received was £110,000.

Please can somebidy help me underdtand what amount to expect to receive for the above endowment before I contact companies and have to give them personal details for quotations. We have not approached the endowment company for a surrender value nor anybody else yet. I would be very grateful if someone could help me understand roughly how the surrender and sale values can be estimated. I understand that a the end the market will decide how much to pay for the policy but I need a rough methodology for my own financial calculations.

Many thanks.