endowment policy with no mortgage

gloshette

Hi,
I have been left an inheritance which i would like to use to completely pay off my mortgage .......... what happens to my endowment policy?
I dont want to cash it in.

kazd

You can keep it going and just use it like a savings policy. It might also be an idea to get the bank to give you a letter of no interest (in the policy). If you have enough to pay off your mortgage then the bank will give you the deeds, although it might be a good idea to keep them in some sort of safety deposit box.

gloshette

Thank you.
The deeds will be going into my solicitors fire-proof safe.

Oh well, just need to wait for another 9 years for the endowment to cough up.....whatever amount that may be!