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do i cash in my endowments
connraddy
Posts: 3 Newbie
Hello,
Me and my wife currently have three morgages, two of witch were taken out as endowments, and one as repayment.
When we were notified that the two endowments had a shortfall, we converted them both to repayment, and kept on paying the endowments so we had a lump sum at the end of the twenty five year period.
But we are now over paying our repayment morgages by the sum of £300 per month to pay it of quicker.
Do we cash in our endowments early, pay the lump sum of our morgage and increase our payments by the amount we were paying for the endowment, or will we loose to much money on cashing them in, so would be beter of letting them run there course.
Endowment one is with norwich union and should have paid out £30,000
Endowment two is with legal and general and should have paid £30,000
We are also in the proccess of claiming against both these companies for the short fall.
Any advice would be greatly accepted.
Me and my wife currently have three morgages, two of witch were taken out as endowments, and one as repayment.
When we were notified that the two endowments had a shortfall, we converted them both to repayment, and kept on paying the endowments so we had a lump sum at the end of the twenty five year period.
But we are now over paying our repayment morgages by the sum of £300 per month to pay it of quicker.
Do we cash in our endowments early, pay the lump sum of our morgage and increase our payments by the amount we were paying for the endowment, or will we loose to much money on cashing them in, so would be beter of letting them run there course.
Endowment one is with norwich union and should have paid out £30,000
Endowment two is with legal and general and should have paid £30,000
We are also in the proccess of claiming against both these companies for the short fall.
Any advice would be greatly accepted.
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