We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
sell endowment
nickj_2
Posts: 7,052 Forumite
i have a friends life( friends provident) endowment which has 6 years to run to pay off my mortgage , i pay £60 p/m for the endowment and £200p/m for the mortgage , which is overpaying by £80ish p/m , i only have approx £32k left on the mortgage ,
the endowment has a surrender value of £22k and a maturity guarentee of £24k . if it grows at 3% it will only be worth £28k or 5% £31.2k
i now have over well£10k of savings/investments so i can pay off the mortgage ,
i can see no real reason to hang on to the endowment , if i cash it in now and pay £10k and clear my debt or leave it to run the full term and still have to find a few £1000s at the end
the endowment has a surrender value of £22k and a maturity guarentee of £24k . if it grows at 3% it will only be worth £28k or 5% £31.2k
i now have over well£10k of savings/investments so i can pay off the mortgage ,
i can see no real reason to hang on to the endowment , if i cash it in now and pay £10k and clear my debt or leave it to run the full term and still have to find a few £1000s at the end
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.9K Banking & Borrowing
- 254.3K Reduce Debt & Boost Income
- 455.2K Spending & Discounts
- 247K Work, Benefits & Business
- 603.6K Mortgages, Homes & Bills
- 178.3K Life & Family
- 261.1K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards