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Interest Rate Reduction
DrowninginDebt
Posts: 66 Forumite
My Endowment (not linked to my current mortgage) is due to mature this coming May (with a shortfall!) - will the cut in the Interest Rates announced in yesterdays budget have any effect?
Rescued by MSE! Profile name out of date as, thankfully, with lots of help from this site, have cleared my debts! Many thanks to MSE and good luck to all !!:dance:
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Comments
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Doubt the rates would have an effect but COVID-19 would have more of an impact on the EndowmentI am a mortgage broker and IFA. 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 advice1
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My endowment policy after 30 years is about to mature on the 19th March. It is a L&G With Profits. They have sent me a letter on the 22 Feb saying the amount payable is £x, however in the small print it says they can adjust this amount. Now we have had a crash will this be reduced ? If so surely there should be an option to defer and keep it going so I can ride out the storm?
Anyone know if this is possible? The policy is already well below the target it was supposed to get (shame I ever got it).0 -
Hi Whats_your_forte and thanks for your response - are you able to explain the impact of COVID-19 on the value of my Endowment please?
Rescued by MSE! Profile name out of date as, thankfully, with lots of help from this site, have cleared my debts! Many thanks to MSE and good luck to all !!:dance:0
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