Good morning all, I took out an endowment with Countrywide in Dec 1996, to cover my first mortgage. Since then when moving the mortgage has been switched to repayment rather than interest only, and the endowment has not performed as well as was predicted (there's a surprise). I called CW today to find out the cash value of the endowment. This was set at around 4,700 - payments made so far totally about 6,500. The policy is set to make a profit, although not as much was was predicted in 97 when I took it out. We have a small child now; 4,700 would make a difference to our lives particularly as we're moving house etc at the moment. However, the endowment is due to mature in 17 years, at a time when my daughter will be going to University (if she chooses to go, of course). I would be grateful if you could shed some light on the following questions...
- Is it best to cash in the policy with CW? Could I get more from other institutions? I know that there are companies who will buy endowments.
- Is it better to perhaps reduce the monthly contributions (78 currently) but keep the policy going?
- Should I leave well alone? all help appreciated cheers dan