mortgage versus endowment

kmcv

hi,
i am currently in the process of trying to pay off my interest only mortgage.i would like to own my flat outright asap instead of my mortgage lender having a leash on it.
should i cash in my endowment policy of 16 years to make a dent in the loan i have 9 years left to pay?.
so far my endowment has been making a poor return when compared to the interest on my mortgage.

dunstonh

should i cash in my endowment policy of 16 years to make a dent in the loan i have 9 years left to pay?.

Unless we have details on the endowment then it is impossible for anyone to say.

o far my endowment has been making a poor return when compared to the interest on my mortgage.

What is the interest on your mortgage?

kingstreet

I'd certainly consider making overpayments or convert part of the mortgage to repayment to take some of the pressure off the endowment(s).

holly_hobby

If you want to surrender you could of course (consider loss of life cover, loss of possible TB, and the cost of any replacement life cover and additional benefits lost as reqd) and IF you use the sv to reduce your mge balance, and convert the remainder to C&I (subject to lender critera that may be appied). As that would be the only cast iron way to have nil os at the end of your mge term with the loss of your repayment vehicle having no further affect.

Otherwise as Duns. states far too many variables inc a financial and perosonal review that would need to be conducted, to have any hope of giving decent advice re surrendering and not converting to .

Hope this helps

Holly