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Should i surrender endowment to reduce mortgage - help??
janet66
Posts: 7 Forumite
Hi
My situation as follows
Current fixed rate finishing this month
outstanding mortgage £36,000
endowment surrender value £22,000
Would it be best to pay off mortgage with endowment and savings or take on small mortgage of £14,000
house value £200,000
Any advice would be much appreciated
Many thanks
My situation as follows
Current fixed rate finishing this month
outstanding mortgage £36,000
endowment surrender value £22,000
Would it be best to pay off mortgage with endowment and savings or take on small mortgage of £14,000
house value £200,000
Any advice would be much appreciated
Many thanks
0
Comments
-
Who is it with?
what is the current value?
what are the projections and rates used?
what is the monthly cost?
How much will replacement life assurance (and CI cover if included) cost?
is there an endowment mortgage promise (MEP)?
What is the maturity date?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 -
standard life
current value 22,000
matures july 2015
pay £60 per month
not heard of mep need to check that
I hopes this helps
thanks for the advice0 -
is the endowment mortgage promise any good if the endowment has been changed from being a mortgage payment vehicle to a savings vehicle?0
-
Std Life do have an MEP. Sometimes small but I have seen them in the ten thousand pounds range. It is vital this information is known as it can change the decision from dump to keep as the MEP is lost if you surrender early.is the endowment mortgage promise any good if the endowment has been changed from being a mortgage payment vehicle to a savings vehicle?
No problem. what you do with the mortgage is irrelevant to the outcome of the endowment.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
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