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Ecoman
Posts: 18 Forumite
I have 3 years to go on my endowment mortgage (I owe £33k). I pay £75 on the mortgage and £83 on the endowment each month. Question is, as I will soon be inheriting enough to pay the mortgage off is it worth doing? Endowment fund value is presently £30k and rising nicely. Don't want to do anything silly at my time of life!
Thanks in advance.
Thanks in advance.
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As long as you continue to pay the endowment premiums, anything you do with the mortgage does not impact the endowment as the two are completely separate.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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What is the interest rate on your mortgage?
What interest could you get on the inheritance?I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
Another thought: the endowment policy will have life insurance included. You may or may not want to consider replacing that if you cash in or make paid up.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
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Things to think about, thanks guys.0
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If I get free money, Bonus's, inheritances, cash back etc I always think of increasing it by 20% by putting it in my pension. How old are you. How good is your current pension pot. The new freedoms mean many people should re-evaluate their whole outlook.Solar PV cost £5760 (15/03/13)
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Last update 30/09/170
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