Cashing in Endowment policy

gemmarko

I've got 20 months left on my mortgage of £36000. I pay interest only on £17500 as my endowments will more than cover this bit of the mortgage and I repay the £18000 (approx). Amounting to £1050 per month.

My current mortgage deal is coming to an end and I'm not being offered any deals because I have less than 2 years to pay.

My endowments aren't doing very well but I have kept them running. They are with profits policies and if I was cash them in today I would get £36000 which would cover my mortgage completely.

Should I cash them in and be completely mortgage free.

dunstonh

Should I cash them in and be completely mortgage free.

Depends on the endowment. Is there a surrender penalty? Is there mortgage endowment promise?

robotrobo

gemmarko wrote: »

I've got 20 months left on my mortgage of £36000. I pay interest only on £17500 as my endowments will more than cover this bit of the mortgage and I repay the £18000 (approx). Amounting to £1050 per month.

My current mortgage deal is coming to an end and I'm not being offered any deals because I have less than 2 years to pay.

My endowments aren't doing very well but I have kept them running. They are with profits policies and if I was cash them in today I would get £36000 which would cover my mortgage completely.

Should I cash them in and be completely mortgage free.

I would say you are doing ok if it covers the money owning , mine was 6k shortfall , but I had already repaid the mortgage , so the money was given to me, I would say leave it until the very end.