Can pay mort off..what now??

ipri

Hi...have got peps/endowments...They cover the mort...what are the mechanics of getting at these to do the job?..do I confirm price on a given day?..is this value what we get or can it drop /rise daily?? thanks

angelavdavis

You have two options:

1) Contact your investment providers and ask them for a valuation quote for you to draw on these funds.
2) Switch to a mortgage account that allows you to offset your investments against your mortgage account - ok, so you don't lose the mortgage, but you can at least get the most from your investments, keep your investments, but effectively don't pay interest on the mortgage.

ipri

Thanks ...we are seriously tempted to cash all in and go ahead!...We will have to pay some off in 2 yrs anyway..am possibly retireing soon so want to get cash before markets fall and we lose out....most of the money is in peps/isas so no tax to declare..what about the endowments we have?..do we get taxed on the money or is the quoted value we recieve the actual amount we get? ian

angelavdavis

ipri wrote: »

Thanks ...we are seriously tempted to cash all in and go ahead!...We will have to pay some off in 2 yrs anyway..am possibly retireing soon so want to get cash before markets fall and we lose out....most of the money is in peps/isas so no tax to declare..what about the endowments we have?..do we get taxed on the money or is the quoted value we recieve the actual amount we get? ian

Ian,

I don't blame you to be honest - you clearly sit in my Mortgage free wannabee camp and are certainly a lot closer than I am !!!

I would post your endowment query on the investment board. There are a few posters there who are specialists. Has your endowment interest been paid after tax? I believe some policies are liable for tax and also that they have to be declared on self-assessment forms - you are better seeking advice on this one.

Ange

ipri

We have bitten the bullet...asked for peps/isas/endowments to be cashed in.....we can pay off when these go into our bank ...although these have not gone full term...isas have more than compensated...so we estimate about £10k to put in pocket!!....the market is falling as we speak...we feel ok about getting out now to prevent further losses,,,no more paperwork...no more FTSE watching....let you know when its all done. ian