paying off mortgage

andyrules

We are thinking of paying off our mortgage with an inheritance. It's interest only so has (underperforming) endowments attached - due to mature in a few years. should we keep the endowments going until they mature, or cash them in or what? One endowment is with profits (NU and SL). Can someone advise please?
Have already posted within another thread, but seems to have got lost!
Thanks

firesidemaid

hi there

as usual, i am no expert! how underperforming are your endowments? what are they currently on track to pay out and how much are you paying in? ie. add up what you will pay in over the next few years and compare current value to projected values.

also, were they mis-sold, and did you get compensation?

on other threads, people have got better deals when shopping around to sell them perhaps get some surrender values.

also, will you then need life insurance replacement?

i would also suggest searching the chat forum for similar topics.

andyrules

Thanks for reply. They were missold and I did get comp, couldn't do anything at time as have been locked in but now that has finished. There is going to be approx £15000 shortfall.

Can you use them for life insurance, I thought they were linked to the endowment? Sorry, I know I should be more clued up. That might be better to not sell then as neither of us are spring chickens, kids at uni would benefit then.