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Options re surrendering endowment
marrbett
Posts: 1,798 Forumite
Having contacted our endowment co to surrender the policy(no-one wants to buy it!) we were offered various options:
a)Surrender value £9012
b)we could 'pay it up' and keep everything once it's mature(Not paying any premiums)Not sure how much this would leave as a final payout-they are going to send me the details.
c)we could have a 'loan' of £7580 from it and not pay it back.This amount would be deducted once the policy matures.The sting with this one is an interest charge of 7%,paid yearly.
Apparently we could do b) and c) but I was wondering if by the time the interest has accrued would there be anything left?
The policy is for £45,000 and is 30 years.We have paid 15 years.
We need a lump sum of about £6000 to put towards the mortgage.
Any advice or opinions????
a)Surrender value £9012
b)we could 'pay it up' and keep everything once it's mature(Not paying any premiums)Not sure how much this would leave as a final payout-they are going to send me the details.
c)we could have a 'loan' of £7580 from it and not pay it back.This amount would be deducted once the policy matures.The sting with this one is an interest charge of 7%,paid yearly.
Apparently we could do b) and c) but I was wondering if by the time the interest has accrued would there be anything left?
The policy is for £45,000 and is 30 years.We have paid 15 years.
We need a lump sum of about £6000 to put towards the mortgage.
Any advice or opinions????
0
Comments
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Does anyone have any advice about this,pleeeeese?0
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Go for the surrender.You will get less with the other options.Trying to keep it simple...
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