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Maturing Endowment?

ChrisW33
ChrisW33 Posts: 29 Forumite
in Mortgages & endowments
Afternoon All,
Finally our 25 year endowment is maturing! Question is what am I allowed to do with those funds? Can I just spend it (that would be liable tax?) or does it need to go towards mortgage?

Thanks Chris

Comments

  • jaybeetoo
    jaybeetoo Posts: 1,469 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Is it linked to your mortgage?
  • kingstreet
    kingstreet Posts: 39,395 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    If it isn't assigned to a mortgage as collateral security, you can do what you like with it.

    Taxation status is not determined by the use of the proceeds.
    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.
  • ChrisW33
    ChrisW33 Posts: 29 Forumite
    Not anymore...several new mortgages since then and abandoned any interest only several years ago.
  • daveyjp
    daveyjp Posts: 13,942 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    You may need confirmation from your current mortgage provider that it isn't assigned to your mortgage.

    If it isn't its a tax free lump sum to do with as you please.
This discussion has been closed.
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