Should I cash in endowment to pay off debt

massuch

Hi, looking for some advice as I am going round in circles as to what to do.

Basically in 1999 took out a mortgage with a joint endowment for 27,500, since then we have moved house and had a mortgage for roughly 80,000 with the endowment part included on an interest only and the rest as repayment. Over the years we have remortgaged and taken extra to pay off debts etc and now have an outstanding mortgage for £90,000 with 14.5yrs to go. Recently we cashed in my husbands part of the endowment to do some renovations as we couldn't afford to do it any other way and still kept my part of the endowment. Now we are due to remortgage and have roughly £6,500 of debt that we want to clear. The question I can't answer is should I cash in my endowment to pay off this debt or should I take this money out of the house when remortgaging.
The endowment is with Prudential and surrender value as at feb 2014 was £8,439.56. Monthly payments are £47.10 with maturity June 2014. The target amount is £13,540. Growth at 1.50% = £14,200 4.5% = £18,400 7.5% = £23800. We have no other savings and my husband does not have a pension. My thoughts are there is no other savings account which in the next 10 years could give me any other similar return than my endowment possibly could should I cash it in and try and set up some other savings? We would be looking to get the remortgage on a full repayment to keep endowment as investment.

Please please please can someone help me as I have no idea what to do.

Thanks in advance Jennifer

gardengull

I can't answer your question, but think the post needs reposting in easier paragraphs to break the information down a little bit. Hope this helps you get an answer.

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Basically in 1999 took out a mortgage with a joint endowment for 27,500. Since then we have moved house and had a mortgage for roughly 80,000 with the endowment part included on an interest only and the rest as repayment.

Over the years we have remortgaged and taken extra to pay off debts etc and now have an outstanding mortgage for £90,000 with 14.5yrs to go. Recently we cashed in my husbands part of the endowment to do some renovations as we couldn't afford to do it any other way and still kept my part of the endowment.

Now we are due to remortgage and have roughly £6,500 of debt that we want to clear. The question I can't answer is should I cash in my endowment to pay off this debt or should I take this money out of the house when remortgaging.

The endowment is with Prudential and surrender value as at feb 2014 was £8,439.56. Monthly payments are £47.10 with maturity June 2014. The target amount is £13,540. Growth at 1.50% = £14,200 4.5% = £18,400 7.5% = £23800.

We have no other savings and my husband does not have a pension. My thoughts are there is no other savings account which in the next 10 years could give me any other similar return than my endowment possibly could should I cash it in and try and set up some other savings?

We would be looking to get the remortgage on a full repayment to keep endowment as investment. Please please please can someone help me as I have no idea what to do.