Loan secured against endowment policy

willia895

Is it possible to borrow £20k against a With-Profits Endowment Life Assurance policy due to mature mid-Sept 2015, which has current surrender value of £62.5k, and if so, where ?

DCFC79

Have you read the terms of the policy or asked who administers it ?

BrassicWoman

have you priced selling (not surrendering) the policy?

PeacefulWaters

Ask the life assurance company.

Although an unsecured loan may be cheaper.

willia895

I have asked the LA co (Legal & General), but they don't offer loans.

Personal loans are a problem having just returned from abroad for 8 yrs so no UK Credit Rating and was not on Voters Register.

Would be interested to explore option of Selling (rather than surrendering) - but where/how ?

eddddy

willia895 wrote: »

...
Would be interested to explore option of Selling (rather than surrendering) - but where/how ?

You could try APMM

The Association of Policy Market Makers (APMM) consists of 5 member firms specialising in the buying and selling with-profits endowments and whole-of-life policies.

They say they will get you a quote within 48 hours: http://www.apmm.org/index.php


(Note: I've never used APMM, so I can't make any comment or recommendation. But organisations like The Money Advice Service suggest using them: https://www.moneyadviceservice.org.uk/en/articles/ending-your-with-profits-policy-early)

willia895

eddddy, thanks, am giving APMM a try.