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Endowment question.
The_Panda
Posts: 3 Newbie
Hi.
I am new to this site but have been an avid reader for some time and enjoy reading all the help everybody gives.
I have a question of my own now.
We are self employed and this credit crunch has pushed us into a corner.
We have an endownment policy taken out in 1987 and has only 4 years left to run.
Problem is we now need to cut our outgoings to the bare minimum and want to know if it is wise to sell our policy at this stage. Bear in mind that if we dont off load some of our bills then 4 years will too late to keep our home.
We pay £65.84 per month.
The target amount is £32,000
Projected amount is around £33,000 and is on target.
I rang around 6 months ago for a surrender value and then it was valued at £27,000.
Any one able to advise us before it is too late.
Ideally we would like to pay off the mortgage with the funds raised and then be free of the worry of at least loosing our home if things dont get better.
I am new to this site but have been an avid reader for some time and enjoy reading all the help everybody gives.
I have a question of my own now.
We are self employed and this credit crunch has pushed us into a corner.
We have an endownment policy taken out in 1987 and has only 4 years left to run.
Problem is we now need to cut our outgoings to the bare minimum and want to know if it is wise to sell our policy at this stage. Bear in mind that if we dont off load some of our bills then 4 years will too late to keep our home.
We pay £65.84 per month.
The target amount is £32,000
Projected amount is around £33,000 and is on target.
I rang around 6 months ago for a surrender value and then it was valued at £27,000.
Any one able to advise us before it is too late.
Ideally we would like to pay off the mortgage with the funds raised and then be free of the worry of at least loosing our home if things dont get better.
0
Comments
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Post some more info about it.
Provider
Guaranteed sum assured
Declared bonuses
Surrender value (update)
Maturity forecasts
Interest rate payable on mortgage
In many cases it's very sensible to cash in or sell endowments and then use all the money to reduce the loan. But it's worth checking because in a few cases you could lose out.
To get sale quotes, try here:
https://www.apmm.orgTrying to keep it simple...
0
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