15 Yr Axa Plan cash in to pay mortgage or not!

sistersis

I have 2 x 15 yr savings plans with AXA.
We currently pay £80 and £90 a month into them. But this stops us also paying anymore towards our mortage really as our mortgage payments are £1027.00 ouch!!
I really want to reduce/pay off my mortgage and was wondering whether it would make sense to cash them in and pay the lump sum off of my mortgage and then put the £170.00 in a savings plan as our mortage is currently fixed at 5.5% unitl sept 2009. We have 11.4 years left on it.
By paying a lump sum what interest would I save on my mortgage!!
Our mortgage lets you pay 10% off a year too.

First policy - Matures 11th March 2018
Amount paid in = £5.520
Surrender value = £4831.18
Guaranteed lump sum when matured £11,070
Projected values after 15 yrs Assuming rates of growth
4% £12,151 - 6% £19,900

Second Policy - Matures 31st Jan 2015
Amount paid in £3.300
Surrender Value = £1753.12
Guaranteed lump sum when matured £8,856
Projected values after 15 yrs Assuming rates of growth
4% £13,900 - 6% £15,600

The policy does not allow me to sell them on.

What I was thinking is that I could put £6,584.30 into my mortage and then pay the £170.00 a month into a savings account that pays 7% or more and then transfer this over to my mortage say once a year.

Any help would be greatly received!
Thanks

oldfella

are you able to stop paying the AXA plan, leaving your savings to carry on growing.

if you surrender them now you will loose some £2600 plus the growth they have already made

baby_boomer

Is it

this sort of Axa policy

that you have?

If so, cashing in looks to be the least worst option.

sistersis

Thanks for the link will take a look at this.

sistersis

No you have to cash in or keep paying.

sistersis

Hi Just moed this over to the finances site as there's loads of stuff on there and hopefully I will be able to get full refund plus interest
Anybody else have one of these hop over to the forus
Thanks for all the help
Thank goodness for this site eh!