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Should I surrender my endowments?
J_P_D
Posts: 10 Forumite
Should I surrender my endowments? 
Hello all,
I hope some kind sole could give me some advice please?
I paid off my mortgage early nearly two years ago but have continued to pay for three separate endowments with STANDARD LIFE that I have previously taken out.
I don’t need to sell them but would I be better off if I stopped paying for them, surrendered the policies and placed the proceeds into a high interest account?
The monthly payments, for all 3 are approximately £143. The policies mature at different times in 2015 & 2016.
Surrender value A = £8434 (Cost - £31)
12/2015 @ 3.75%pa = 13800 / @ 5.5%pa = 15800 / @7.25%pa = 18000
Surrender value B = £7279 (Cost - £74)
04/2016 @ 3.75%pa = 17000 / @ 5.5%pa = 19300 / @7.25%pa = 21900
Surrender value C = £5254 (Cost – £38)
06/2016 @ 3.75%pa = 10700 / @ 5.5%pa = 12200 / @7.25%pa = 14000
Here's hoping for a reply & I thank anyone who does for their time.
Hello all,
I hope some kind sole could give me some advice please?
I paid off my mortgage early nearly two years ago but have continued to pay for three separate endowments with STANDARD LIFE that I have previously taken out.
I don’t need to sell them but would I be better off if I stopped paying for them, surrendered the policies and placed the proceeds into a high interest account?
The monthly payments, for all 3 are approximately £143. The policies mature at different times in 2015 & 2016.
Surrender value A = £8434 (Cost - £31)
12/2015 @ 3.75%pa = 13800 / @ 5.5%pa = 15800 / @7.25%pa = 18000
Surrender value B = £7279 (Cost - £74)
04/2016 @ 3.75%pa = 17000 / @ 5.5%pa = 19300 / @7.25%pa = 21900
Surrender value C = £5254 (Cost – £38)
06/2016 @ 3.75%pa = 10700 / @ 5.5%pa = 12200 / @7.25%pa = 14000
Here's hoping for a reply & I thank anyone who does for their time.
0
Comments
-
Just pushing this one back near the top. Apologies if this is not the done thing but I'm new around here.
Thanking you in advance
JPD0 -
you need to see an IFA, a public forum is no good for advice on endowments, sorryI am an independent Mortgage Adviser And a Compliance Director:eek:
You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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