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Sottish widows endowment
tonye60_2
Posts: 8 Forumite
I contacted scottish widows with a option of cashing my endowment to pay Of most of my mortgage, on being given a current value i asked about selling it on the open market, i was told this was not allowed. Can scottish widows stop me doing this.
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Comments
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I think you would find it difficult to sell it on the open market, nobody wants to buy them now.
How long is it set to run for. Dont forget there will probably be a terminal bonus and while you have this endowment you do have life insurance cover.make the most of it, we are only here for the weekend.
and we will never, ever return.0 -
There may be no market, but the life office can't stop you selling the policy if you can find a buyer.
They should not be offering an opinion of any kind on the subject of second hand policy sales.
Clowns. They've been crap since they were taken over by LBG.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
8 years to go, if we pay that of the mortgage and then add our endowment to our current overpayments we will clear the mortgage 3 years early, i thought companys would buy your endowment off you0
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kingstreet wrote: »There may be no market, but the life office can't stop you selling the policy if you can find a buyer.
They should not be offering an opinion of any kind on the subject of second hand policy sales.
Clowns. They've been crap since they were taken over by LBG.
They are saying im not allowed to sell it, only cash in with them0 -
When the surrender value was vastly lower than the current policy value there was a margin investors would be happy to exploit. Now that doesn't really happen, there's no "value" to be picked up for a little more than the surrender value.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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If it's a with profits policy and you can find a buyer then you can sell it.
If it's not a with profits policy the information telling you that you can't sell it is correct.0 -
It's being presented as "not allowed" not "unable" which would be the case if it was unit-linked.opinions4u wrote: »If it's not a with profits policy the information telling you that you can't sell it is correct.
I'm surprised they ventured an opinion, which is all it is, after all.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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