Selling my endowment?

Scouse337

Hi all,

I'm looking to sell my endowment which has about 7 years left to run. Cash in value at the moment is £27k after 'topping it up' twice and have been warned there maybe the need to top some more? It's supposed to make £37k full term to cover the mortgage. So I was thinking and looking for advice on where's the best place to sell it thinking I would get more for it?

Any help would be great, thanks 👍🏻👍🏻👍🏻

Scouse337

Anyone with any ideas?

dunstonh

is it the type that can be sold?

most endowments could not be topped up. The few that come to mind were all unit linked providers. There may have been some with profits ones but I have no knowledge of any to hand. You cant sell unit linked endowments as they have a daily value. No-one is going to pay you more for units that they can buy at the daily rate if they so wish.

OnTheRun

Scouse337 wrote: »

Hi all,

I'm looking to sell my endowment which has about 7 years left to run. Cash in value at the moment is £27k after 'topping it up' twice and have been warned there maybe the need to top some more? It's supposed to make £37k full term to cover the mortgage. So I was thinking and looking for advice on where's the best place to sell it thinking I would get more for it?

Any help would be great, thanks 👍🏻👍🏻👍🏻

Speak to an IFA.

It sounds like the investment is not going to make the originally intended return, and "topping up" could therefore be essentially thowing more money after bad.

Perhaps selling it is not the best option either, but rather let it carry on until maturity abd get whatever comes from it. Rather than topping it up, explore where else to put the "top up" money that you will otyherwise pay to make up the shortfall. e.g. you could pewrhaps simply part pay off the mortgage but that may not be the best option either.

An IFA will be able to advise best
(and yes there are still some out there that don't charge for an initial inquiry)

AnotherJoe

I'm looking to sell my endowment

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Why ?

Scouse337

I was hoping to get more money for it so I could pay my mortgage off. I have been over paying it so won't be topping the endowment up.......but if I cash it in it still doesn't cover what I owe just yet

AnotherJoe

In that case I'd carry on paying the endowment (which is likely a quite trivial amounted each month anyway, maybe £25 a month? )and carry on overpaying the mortgage directly. Both my endowments ended up being nice little payouts, mortgage being switched to repayment when I moved at some point.