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    • Pauli363
    • By Pauli363 12th Oct 16, 8:15 PM
    • 1Posts
    • 0Thanks
    Closing L+G Endowment.
    • #1
    • 12th Oct 16, 8:15 PM
    Closing L+G Endowment. 12th Oct 16 at 8:15 PM
    I am planning retirement in 5 years, and just about to do a final remortgage to reduce my existing mortgage (12 years to run) to match my retirement date. I have a 25 yr L+G endowment due to mature in 5 years also, but I am looking to cash it in now.
    I will use the amount to clear some of the existing mortgage and the remainder will be remortgaged via a company scheme I have access to at 0.25%.

    So, My question is this, how much of a penalty am I likely to be hit with for early exit.

    Details as follows

    Paying 177 pm on 25 year term with 4.5 years to go.
    67,000 was the maturity amount aimed for and so far all letters have been green.
    I received my latest plan update yesterday, and the plan is valued at 51,326 today.
    It is a Flexible mortgage plan with 20,215 units held.
    How close to that 51k figure is the surrender value likely to be. In general, am I likely to be penalised thousands or hundreds for surrendering?
    Also, what would the likely sell value be if I decided to sell on the policy, given thats it seems to be on track to at least match the promised value of 67k. It had jumped in value between 2015 and 2016 by about 5k.
Page 1
    • dunstonh
    • By dunstonh 13th Oct 16, 12:29 AM
    • 92,656 Posts
    • 59,977 Thanks
    • #2
    • 13th Oct 16, 12:29 AM
    • #2
    • 13th Oct 16, 12:29 AM
    My question is this, how much of a penalty am I likely to be hit with for early exit.
    Impossible to say. You will need to ask L&G
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
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