How do I cash in my endownment

pink_boots

My employer has offered me a post in our Dubi branch.
I have taken up the offer and will be going in December. I have a lot to organize before then. I have family here so will be visiting when I can. I want to pay off my interest only mortgage. The way I was going to this is to cash in the endowment and pay off the shortfall. Then look into renting it out. (My family will keep an eye on it)The problem is I do not know how to go about cashing in the endowment. Because I have a lot to organize in a short space of time, I need to do this quickly. Can someone give me any advice on how to go about this? Thank you.

maninthestreet

Contact the endowment provider - or is that too obvious??

pink_boots

maninthestreet wrote: »

Contact the endowment provider - or is that too obvious??

Thank you. I did think about doing it but it seemed too easy. Thought I might have to jump through hoops.

amnblog

A number of factors here.

Depending on how long you have had the endowment and its details it may not be smart to cash it in.

You don't need to cash it in when you pay off the interest only mortgage.

Cash it and you will lose the life insurance inherent in the property.

If you do decide you don't want it anymore you may get more by selling it on, rather than cashing it in (depending on the policy).

Don't be hasty and shoot yourself in the foot.

pink_boots

Thank you am log. The endowment has 5 years to go. The reason I was going to cash it in, is it seems to be the only way to pay off some off the mortgage and I pay off the shortfall. I was then try to sell the property but property here is not selling at all. My neighbour has tried to sell for about 2 years and no joy. So renting it out on short term lease means I will have some income and not leave the property empty. The job is for a minimum of 2 tears years then I will have the option to stay or come back here. I do not know how to sell the endownment and a bit worried that I may get conned and of course I have a time limit. I'll certainly look more into it and if it looks quite straitforward and can be done quickly,then that maybe the way to go. You have given me food for thought. Thank you.

silvercar

Why not keep the endowment running and ask your lender for consent to let?

pink_boots

silvercar wrote: »

Why not keep the endowment running and ask your lender for consent to let?

I am a step ahead of you silver car. Already have and in so many words the answer was a firm no. Unfortunately my lender is second from the top of the worst to deal with. I will be glad to get rid of them. Thank you for your suggestion.

McKneff

There is no market these days forvendowment policies. The only way is to cash it in with the provider.

But you could lose out.
You lose a possible terminal bonus and you will also lose the life insurance of the policy

amnblog

http://www.apmm.org/index.php