Countrywide Endowment Question.

Cerulean

Hi all,

I'd really appreciate some advice with regards to my endowment policy.

I have a "Home Purchase Plan" endowment policy with Countrywide Assured which was started in July 1999. Its target payout is £44,950 but at the moment its projected payouts in July 2024 are £28,200 at 4%, £37,000 at 6% and £48,700 at 8% growth. What can I realistically expect from this policy?

I have tried the misselling route but failed as the paperwork shows that I had a "balanced attitude to risk" and was fully aware of it possibly falling short of the target amount.

I am also considering an offset mortgage with First Direct at 5.59% fixed for three years and would like to know if it would be worth surrendering the endowment, which is currently valued at £6,500 and offsetting this against the £77,500 of the full mortgage, as well as my £90 monthly payment. I currently have my mortgage with Nationwide at 5.69% fixed until August this year.

Being new to all this I've probably left some important piece of information out, but would really appreciate any advice anyone can give me on this matter.

Thanks in advance.

dunstonh

Is it unit linked or with profits. If unit linked what funds.

Hopefully it is unit linked as that 8% could be within its reach.

Cerulean

According to a nice lady on customer services it is unit linked and managed funds. Does this mean it will be worth hanging on to?

dunstonh

Depends on how you have it invested. They have a range of unit linked funds. Some have the potential to exceed 8% p.a. others don't.

Ask them to send you a fund switching form and a list of the funds available.

Cerulean

Thanks for the advice.

Once I get this information from them should it be clear what fund I've got and whether I should change it or should I seek advice at that point?