endowment policies

[Connemmara]

I had an appointment to see a mortgage advisor in Santander who was hopeless.

And also the lady I was to see was off on holiday after I had made an appointment with her.


Anyway first lady told since I have one year left of policy to mature next year she was advising me to start paying my mortgage straight instead of policy. I said was it not too late - she could not care less - and said no but I am not taking any heed of her until I get more information. Can anybody advise.

[bednobs]

your post is a bit confusing. Do you mean you have an endowment mortgage that you want to change to a repayment? Is there going to be a predicted shortfall? if so, it's never to late to start paying

[ummmm]

Are you in shortfall?

[ubasses]

Bit confusing, assumue your endowment is to mature next year but is your mortgage due to be repaid next yeat as well. If both you have left things a bit late to see advisor if there is a shortfall. If this is an old endowment being used against a new mortgage with longer to run there are more options open to you.
First thing to do is to get a surrender value on the endowment now and a projected maturity value a next year. If the difference is less than you will be paying in premiums there is no value to carrying on paying in.

One option therefore would be to surrender and immediately pay down the mortgage this would then reduce the interest payments, by keeping your monthly payments the same then adding what you would have paid to the insurance company each month you may just about repay the mortgage during the period. However not having any figures or time lines you really need to seek Independent Financial Advice.