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my brqin hurts
janbean
Posts: 1 Newbie
I have 2 endownments with short falls due to finish in 6 and 11 month and to add to this my mortgage product finishes this month - should i surrender my endownments now and pay off remainder of my mortgage 0
Comments
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Most endowment policies have a terminal bonus, so surrendering early will sacrifice the bonus.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
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Most endowment policies have a terminal bonus, so surrendering early will sacrifice the bonus.
I don't sell Endowments, but I do know that only With Profits Endowments have terminal bonus', Unit Linked policies don't. I haven't got a clue whether you do or not if you have a Unitised With Profits policy, but I suspect you wouldn't.
I think that if you haven't done so already janbean, see if the Endowment Company would look at a claim for miss-selling for you. There may be some compensation to make up some of the shortfall.I am a Mortgage Consultant and don't like to be told what I can and can't put in a signature so long as it's legal and truthful.0
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