Green Endownments - Decision

abu_el_banat

First post..... have spent the evening reading with interest.

I have 2 endownments with Scottish Life. Both, I'm happy to report, are on track, in fact the figures are fairly good.

Trouble is I need to release some cash, and I'm thinking it might be best to take the surrender values.

Both are Profitbuilder Plans and I increased the premiums in each of the first 5 years. Both have 12 years remaining (pretty much half way).

#1
£195 per month.
Guaranteed Sum = £63500
Surrender Value = £28270
4% £74400
5% £82600
8% £112000

#2
£87 per month
Guaranteed Sum = £22000
Surrender Value = £11644
4% £28700
5% £31800
8% £42900

The c£40k I'd get in surrender value is c£2k more than I've paid in to date.

Difficult decision. The maturity values are impressive, but I live in the now - that's potential figures for 2025 and obviously lots could happen before then. Need to release about £20k and if I go down this route I'd likely just take the lot, reduce the mortgage by the leftover and change to repayment terms. I realise I'm missing out on bonuses (2.25% payable this Dec and 3 yearly after).

Thoughts anyone? Upside is that I can channel the c£300 pm into the mortgage and reduce and repay earlier than originally thought.