Endowment...advice sought.

Angilion

First off, I'm not seeking to claim mis-selling. I've looked at the information on that. I do remember the financial advisor telling me that the policy might not cover the mortgage. In passing, but mentioned. 99% "You'll probably get some cash over" and 1% "there's a possibility of a shortfall", but it was mentioned. I knew nothing back then and just took their word for it all.

So...time I did something about it.

I have an mixed mortgage - endowment for £25200 and repayment for about £8000 (home improvements and some nice debt shuffling - it was essentially a very low-rate secured loan).

I'm not in a position to move the mortgage, as I have it at a fixed rate of 3.9% (if I recall correctly) over a long period and repayment charges are quite steep.

My projections are the sort of bad joke I'm sure people here are all too familiar with. This is from September 2006 (I've been ignoring it since then).

Maturity Date: 16/06/2022
Low Projection (3.25%): 16200
High Projection (5%): 19600

That is including an estimated final bonus.

Obviously short of the 25200 I will need.

Surrender value was £4226

I'd appreciate some advice on my best course of action.

robnye

if misselling isnt an issue for you, are you asking for ideas on how to cover the shortfall.......

over the past few years i have increased the repayment part of my mortgage, therefore reducing the part covered by endowment policies, but without changing the length of repayment,

EdInvestor

What is the monthly premium?Which company is the provider? Please also post the guaranteed sum assured and declared bonuses.It would be a good idea to update the surrender value as well.

Angilion

Monthly premium is £45.12
The company is Phoenix.

I do not see any mention of the guaranteed sum assured, only a guaranteed minimum death benefit of £27610.

The declared bonus on my last statement is £1121.22

robnye

you should also have a minimum pay out figure, this figure plus the declared bonuses will be the current value of the policy