Mortgage Endowment Promise (MEP)

Options
2

Comments

  • amolyfamily
    amolyfamily Posts: 1 Newbie
    Options
    Our Standard Life Endowment matured last week. Similar to yours, £50,302 target, £73.22 premium, projected to fall well short £39k. Wasn’t even aware of the MEP naively. Letter came today - maturity value £50302 with the >£11k shortfall topped up, equivalent to a 29% payment on top of our final value. Surprised and delighted, and hopefully some reassurance.
    Next question - what about my other endowment policies with Clerical Medical and Aviva maturing in 5 and 9 years time? Aviva has a limited MEP Policy, can’t find anything on Clerical Medical.
  • dunstonh
    dunstonh Posts: 116,445 Forumite
    Name Dropper First Anniversary First Post Combo Breaker
    Options
    Aviva's MEP is similar to SL. CM have no MEP
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • molly22
    molly22 Posts: 182 Forumite
    First Anniversary Combo Breaker First Post
    Options
    My 25 year endowment matures 1 st may.... firstly I can't believe where those 25 years have gone!! When I signed up for the endowment the idea of the year 2019 being a reality was hard to comprehend!!!

    My target figure is £33000. Monthly payment £48.64. Been led to believe I might achieve £25000.... but now been informed there may be £6,800 MEP on top of that.... here's hoping there's no financial crash before next Wednesday!!!

    Also anyone know anything about VPP's??

    Thanks
  • Cavanali
    Cavanali Posts: 1 Newbie
    Options
    We have just received our payout. Our policy was for £78k and our projected payment was £58k. Amazed to receive the full policy value with an MEP of £20k.
  • dunstonh
    dunstonh Posts: 116,445 Forumite
    Name Dropper First Anniversary First Post Combo Breaker
    Options
    Cavanali wrote: »
    We have just received our payout. Our policy was for £78k and our projected payment was £58k. Amazed to receive the full policy value with an MEP of £20k.

    Good result and remember that your endowment mortgage would have been around £25 per month cheaper than repayment. Add that up over the years and you have done well.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • Ian_Hunter
    Ian_Hunter Posts: 1 Newbie
    edited 4 June 2019 at 1:33AM
    Options
    And not forgetting the free shares and dividends over the years.

    This is excellent news. Our Homeplan policy matures in January 2020 and I was anticipating a significant shortfall. Looks like I may now be pleasantly surprised.
  • gillyb64
    gillyb64 Posts: 37 Forumite
    Options
    Cavanalli was your endowment with standard life?
  • gillyb64
    gillyb64 Posts: 37 Forumite
    Options
    Cavanalli was your endowment with standard life? I really hope we get more than we expected!
  • Wombat_69
    Wombat_69 Posts: 1 Newbie
    Options
    Hi gillyb64 , not sure if this will interest you but i have just had my standard life homeplan endowment mature this week , 25 years ,£52 month target was £35000 , total payout was £30093 made up of
    Total value of units £15703
    Final bonus £9950
    Mortgage endowment promise £4440 ,
    Although i was £5000 short of target amount i was reasonably pleased as i was expecting quite a bit less with all the warning letters etc... .overall i think it hasnt been too bad with the free standard life shares which i still own and cheaper monthly mortgage payments compared to a repayment :
  • mlefa30
    mlefa30 Posts: 6 Forumite
    First Post First Anniversary Combo Breaker
    Options
    our endowment matures next year so impressed with some of these MEP payouts but who knows what will have happened by June 2021, fingers crossed for good results for all future maturities
★ ★ ★ Meet your Ambassadors

Categories

  • All Categories
  • 343.4K Banking & Borrowing
  • 250.1K Reduce Debt & Boost Income
  • 449.8K Spending & Discounts
  • 235.5K Work, Benefits & Business
  • 608.3K Mortgages, Homes & Bills
  • 173.2K Life & Family
  • 248.1K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards