Cash in an endowment

nathan_jf

Does anyone know how or where I can get the best return when I cash in on my endowment policy. I need to raise the cash

Reaper

First get a surrender value by contacting the company it is with. Then see if you can sell it for more to a third party.

Just type "sell endowment" into Google and you will find plenty of places. They will happily give you rough quotes to compare to the surrender value.

It used to be that selling a policy was easy and you got a good price, but now buyers have become very picky about the policies they will accept and prices are lower.

Reaper

While it is an obvious point which I'm sure you have covered, the mortage lenders have an "interest" in the policy. You need to talk to them first to ensure they are willing to let you surrender it. They will expect you to have another means to pay off the mortgage within the agreed timeframe (eg by switching to a repayment mortgage).

EDIT: Spelling