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Anyone with a 25 year endowment which matured recently ?
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My With Profits Endowment with Friends Provident has another 7 years to run. It was originally meant to pay-off a £54,000 mortage:
Sum assured: £14,364
Bonuses added to plan in previous years: £7,059.51
Total of guaranteed amount plus all bonuses: £21,441.16
Monthly premium: £50.60
Surrender value: 15,958 (as at 16/8/2011)
Maturity date: August 2019.
I re-mortgaged 3.5 years ago, £60,300 interest-only mortgage with FD. Current amount oustanding is £54,900. Mortgage has another 11.5 years to run.
Is it worth keeing the endowment going??"You were only supposed to blow the bl**dy doors off!!"0 -
I had two mature - October 2011 with Scottish Equitable for £15k and ended up with 15,800 and one with Standard Life in November 2011 for £5k which paid £4,820 but I still have the shares as well so continue to receive dividends. Both with profits. So they would have covered the original £20k but not left enough over for a new car as originally suggested they might!0
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For interest notisis, did you receive letters stating that the policies were likely to come up short ? If so how far out are they, from prediction to payout ?0
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Colourbounce, for the last couple of years on the Scottish Equitable I had warning letters but the predicted shortfall was only a couple of hundred. In the end with the bonus, it paid out more. The Standard Life one I'd been receiving the letters for longer (maybe 5 years?) and shortfall wasn't going to be much so it was about right.0
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For interest to original post. I've received details regarding my CM policy due out in October. Target of 48,000 looks like Oct payout will be around 36,500. Not the new Jag I hoped for all those years back, but lifes never that simple !! Good luck to all due a payout in the near future.0
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My Zurich Endownment due in May this year for £20,000 had letter to say it will be around £17,000, better than Id expected, as prediction were for around £15,000.0
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Original poster back on as it's 9 months since I first posted and I now have only a few months left before maturity.
Anyone have any endowments mature recently ?12 panels south facing,8 panels south-east facing,4KWP system,pitch 40 degrees,Aurora inverter & location is sunny Glasgow.0 -
We took out an endowment in June 1988 over 25 years for £28250 with Scottish Amicable. I have just checked today with the Pru who took over the company. It will probably pay out £23100 in May of this year, we have been saving in an ISA to make up the shortfall. Obviously we had hoped to have money left over, we did get a payment from Bank of Scot for mis-selling. Our next step is to work out how we pay this amount into the mortgage and what is the next step to pay off the rest of the mortgage with a 2nd under performing endowment. So much for having a large sum for a great holiday for our silver wedding anniversary! Oh well.0
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My endowment for my first house would have paid out in Nov (£20K 2 up 2 down!)
I cashed it in years ago however.0 -
My endowment for my first house would have paid out in Nov (£20K 2 up 2 down!)
I cashed it in years ago however.
Thank you for your contribution, most valuable.I am a mortgage adviser.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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