Opinions on Endowments required please

sarahjw

We will be remortgaging in the next few months and are looking at the possibility of surrendering our endowments (large shortfalls predicted on both) to pay off some of our mortgage, enabling us to convert it totally onto a repayment basis. I would really welcome opinions on the two endowment policies (details below), whether we may have missed something and could be making a massive mistake in selling them.

Policy 1

Norwich Union with profits policy (Commercial Union Low Start Homemaker originally)

Start Date: 31 July 1989
Maturity Date: 31 July 2014
Basic Sum Assured: £10,168
Target Amount/Guaranteed Death Benefit: £35800
Regular Bonus accumulated: £6746.31
Current Surrender Value: £15953.83
Premium: £49.98 per month

I have enquired about selling this policy to a third party and have no offers above the current surrender value to date.


Policy 2

Countrywide Assured (Originally Hambro Guardian Enterprise policy) This policy is unit linked.

Start Date: 8 June 1990
Maturity Date: 8 June 2015
Sum Assured: £51,000
Current Surrender Value: £19257.72
Premium: £75.95 per month.

Hope there are some experts out there who can give me their opinions. Thanks very much.