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Cash in endowment?
JamesF2
Posts: 7 Forumite
(reposting from Mortgage free forum)
I have been overpaying the mortgage for a good while and have recently looked at my balance and found I owe just £22k. I have no other debts and can pay this off between savings and selling some shares. I also have an endowment (with profits) due to mature in 2019. (We swapped most of the mortgage to a repayment one a long time ago). The target is £50k, the current value is £15k and the 4% projected final amount £26k. So far it I have paid premiums of about the current value. To keep it going to maturity will cost me another £5k. It has not paid any annual bonus in recent years. I am seriously thinking of selling this (aware of trading). I appreciate I will forgo the life cover. So:
James
I have been overpaying the mortgage for a good while and have recently looked at my balance and found I owe just £22k. I have no other debts and can pay this off between savings and selling some shares. I also have an endowment (with profits) due to mature in 2019. (We swapped most of the mortgage to a repayment one a long time ago). The target is £50k, the current value is £15k and the 4% projected final amount £26k. So far it I have paid premiums of about the current value. To keep it going to maturity will cost me another £5k. It has not paid any annual bonus in recent years. I am seriously thinking of selling this (aware of trading). I appreciate I will forgo the life cover. So:
- Sell the endowment and use savings to pay off the rest?
- Keep the endowment to maturity and pay off the mortgage with savings / shares?
James
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