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Endowment surrender and terminal bonus
chopperharley73
Posts: 1 Newbie
Hi
Just looking for some advice on surrenduring my endowment. I have 4 years left on a 25yr Friends Life with profits policy originally to pay off £40k mortgage (Plus money to spare blah,blah,blah!).
I remortgaged 6 years ago and changed the interest only ammount to £22.5k due to projected shortfalls. The monthly premium is £64 and the interest charged per month is approx £60. The guaranteed ammount is £22.5k and their surrender ammount is £25k, with another 4 years payments totalling £5,952 before the maturity date I think it would be wise to cash in now.
Does anyone have any feedback or advice on whether it would be worth staying in to the end for the final terminal bonus?
PS I don't need to worry about the life assurance with this policy.
Thanks
Just looking for some advice on surrenduring my endowment. I have 4 years left on a 25yr Friends Life with profits policy originally to pay off £40k mortgage (Plus money to spare blah,blah,blah!).
I remortgaged 6 years ago and changed the interest only ammount to £22.5k due to projected shortfalls. The monthly premium is £64 and the interest charged per month is approx £60. The guaranteed ammount is £22.5k and their surrender ammount is £25k, with another 4 years payments totalling £5,952 before the maturity date I think it would be wise to cash in now.
Does anyone have any feedback or advice on whether it would be worth staying in to the end for the final terminal bonus?
PS I don't need to worry about the life assurance with this policy.
Thanks
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