Surrendering Endowments

CALLY

Hi new to MSE, 1st thread. I'm seeking advice regarding cashing in unitised endowments x2. Took out 1991 for £30000 and 94 for £10000. I only have £20000 left on mortgage (interest only) managed to pay off large lump sum recently. Endowments are worth £16000 combined today. Thinking of cashing in and paying 16k leaving 4k on mortgage which I can switch to repayment and pay off over next 8yrs. Is this wise or should I cont with endowment (£94/month). Current mortgage payments are £102/m, 4k repayment would be £55/m. I will also have to consider life ins as endowment includes this. Would appreciate any help.

Cheers

Cally

EdInvestor

Post some info about them

providetr
Guaranteed sum assured
Declared onuses
Surrender value
Monthly premium
Maturity date
maturity forecasts
Mortgage interest rate

CALLY

AXA SUNLIFE (was Equity n Law)
£19000 G.S.A
£6000 G.S.A
£16700 S.Value
Mon. prem £94
M.Date May & Sept 2016
Maturity forcast unknown (I was expecting 10-15k s/fall
Mort int rate 5.89 till sept '09

Cheers

Cally

EdInvestor

CALLY wrote: »

Maturity forcast unknown (I was expecting 10-15k s/fall

Please call up and ask.We need to know these so as to compare the end result if you stuck with it or surrendered.

CALLY

Hi

Requested quote for maturity forcast. Comp sending in post, 2-3 days will inform you when I receive.

Cheers
:beer:
Cally

CALLY

Hi

Maturity Forcasts:

1st Endowment Planned£30,000. F/Cast (@4% 25k) (@8% 33k) Premium £74/M Mat. Date May 2016

2nd Endowment Planned £10,000. F/Cast (@4% 6.9K) (@8% 9.25K) Premium £20/M. Mat Date Oct 2016

Current growth rates have been 3% in yearly statements.

Cheers
:beer:
Cally