We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Recommend an endowment buyer?
Shambler
Posts: 767 Forumite
Hi,
I started a 25 year mortgage back in 1990, have since sold the house but I kept the endowment going.
I am now thinking of buying again but do not have a deposit to put down.
Looking at one of the threads on this board I may be better off cashing in the endowment to use as a deposit.
Does anyone have experience of any companies that would buy my endowment, one they can recommend?
The policy was with Woolwich Life, now Barclays Life and was meant to attain £44,000 but is only projected to reach £25,000 at present.
I started a 25 year mortgage back in 1990, have since sold the house but I kept the endowment going.
I am now thinking of buying again but do not have a deposit to put down.
Looking at one of the threads on this board I may be better off cashing in the endowment to use as a deposit.
Does anyone have experience of any companies that would buy my endowment, one they can recommend?
The policy was with Woolwich Life, now Barclays Life and was meant to attain £44,000 but is only projected to reach £25,000 at present.
0
Comments
-
I've started wondering what to do about my endowment policy too, it never occurred to me that the sensible thing to do might be to cash it or surrender it or whatever. Mine has just under 5 years left to run.
Sorry I can't give you any advice Shambler, just posting to echo your questioning about using the endowment to pay off the mortgage and then go from there.2023: the year I get to buy a car0 -
Generally only with profit (not unit linked) policies are of interest to the Traded Endowment Market (TEP). To find out what is available you should contact the Association of Policy Market Makers (APMM)~ Google contact details on the web
If your policy is suitable for this market they will take some details about the policy and normally pass this information on to about 5 TEP companies who will then offer you a price for your policy which you can then compare with the surrender value and decide whether to proceed with the TEP offer or not.
Always bare in mind that is someone is offering more than the surrender value they must think there is something to be made from the transaction.
Whether you eventually surrender, sell or continue with the policy is your choice, and if you are unsure you should seek advice. For either scenario the advantages and disadvantages need to be weighed up in relation to your priorities.0 -
Barclays Life didnt operate a with profits fund so your is probably unit linked. If that is the case, you wont be able to sell it as it has daily value with no future retained value. It would be like asking someone to buy a £10 note for more than £10.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
-
Trying to keep it simple...
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354K Banking & Borrowing
- 254.3K Reduce Debt & Boost Income
- 455.3K Spending & Discounts
- 247.1K Work, Benefits & Business
- 603.7K Mortgages, Homes & Bills
- 178.3K Life & Family
- 261.2K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards