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RSA/Phoenix homeplan surrender
financiallearner
Posts: 2 Newbie
Hi, I have just requested surrendering a policy with Phoenix and am awaiting the forms.
I just wondered if anyone can advise me whether I am doing the right thing as the surrender value has gone up (since Feb 2012) by approx £6K, does this mean it is finally going to start achieving something or am I right to surrender and use the money to reduce the mortgage?
I have a red alert shortfall as the policy was for a mortgage of £89950 but the projections are a shortfall of between £13850 and £31050. Any advice gratefully received!
I just wondered if anyone can advise me whether I am doing the right thing as the surrender value has gone up (since Feb 2012) by approx £6K, does this mean it is finally going to start achieving something or am I right to surrender and use the money to reduce the mortgage?
I have a red alert shortfall as the policy was for a mortgage of £89950 but the projections are a shortfall of between £13850 and £31050. Any advice gratefully received!
0
Comments
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Another option is to make the policy paid up, i.e. pay no further premiums. You would at least then receive a terminal bonus on maturity of the policy. That's if they are being paid I should add.0
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Thanks Thrugelmir, I appreciate your reply, hadn't considered that option but will do now.0
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