Help please - endowment - to cash in or keep?

kosma1

Hello.

I hope i have posted in right place, if not i do apologise, i am quite new to this.

was hoping that maybe some financially minded people might be able to help me out.

i originally took out my mortgage with an endowment, value of £20,500, over a 25 year period. I have since remortgaged and i am now repayment but have kept my endowment going, so trying to find out if this is the best thing to do, or could i be losing out big style?

I pay 34.90 per month (includes critical illness cover/life assurance), and after approx 8 years i asked for a quotation if i was to sell policy. the quote after approx 8 years was roughly £6400.00.

i have now had endowment for 9 years, and so it will continue for a further 16 years where i would hope (with the interest rates) i may get approx £18k back.

so am trying to find out, is this a reasonable way of saving this money, if i can afford the monthly payments and dont need the cash should i keep it? or should i cash it in, and perhaps invest the money by other means (although the danger is i may be tempted to treat myself if money is easily accesible)

really hope i could get an opinion on this, i just dont know what to do with it for the best. thanks in advane for any advice that may be offered

dunstonh

To give an opinion you will need to be more specific on the policy details as there are hundreds of endowments. Some good, some bad.

Can you give some details on your endowment please. See recent threads to get an idea of what is needed.

kosma1

thanks dunstonh. i shall dig out all my info and come back better prepared