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What would you do?
muneeymaker
Posts: 12 Forumite
Hi,Looking for a little advice,here's the situation.We have endowment policy which has six yrs to run currently as of a couple of weeks ago is worth £23,222 and 67P projected amount back £36,000(mortgage amount £34,358.00.)Hubby was made redundant in January,luckily he found two part time jobs within a month so the £4.000 he got from redundancy hasn't been touched.Hubby rang Lloyds as we wanted to start paying some overpayments was told over the phone we could pay as many as we wanted without any early repayment fees but at the end of paying the mortgage pay Lloyds £50 'closing fee' whatever that is 
By the way the endowment has a shortfall of £200 as of last August.The endowment originally was £70 at first but we have had two amber warnings and now repaying £127 per month.What I wanted to know is it worth carrying on paying the monthly amount on the endowment,could you freeze the policy? and put the £127 in our ISA's to go towards the remainder of the mortgage.I would like to pay the mortgage as soon as.The only thing is you get the life cover thrown in,so if we did freeze it we would have to find alternative life cover which I don't think we would get.We could at a push pay the mortgage off with the money in our ISA's and redundancy money but it would leave us with no extra money for home improvements.When I spoke to the bank manager he said he 'thought' the endowment would make the £36,000,and we could only make OP to the value of the mortgage a year £3,400 without having to pay penalties.Is it worth carrying on till the end of the endowment
By the way the endowment has a shortfall of £200 as of last August.The endowment originally was £70 at first but we have had two amber warnings and now repaying £127 per month.What I wanted to know is it worth carrying on paying the monthly amount on the endowment,could you freeze the policy? and put the £127 in our ISA's to go towards the remainder of the mortgage.I would like to pay the mortgage as soon as.The only thing is you get the life cover thrown in,so if we did freeze it we would have to find alternative life cover which I don't think we would get.We could at a push pay the mortgage off with the money in our ISA's and redundancy money but it would leave us with no extra money for home improvements.When I spoke to the bank manager he said he 'thought' the endowment would make the £36,000,and we could only make OP to the value of the mortgage a year £3,400 without having to pay penalties.Is it worth carrying on till the end of the endowment 0
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