Endowment and selling property question

"JonnyC" wrote

What did the endowment provider say when you asked them?

Its too late to phone this evening, so i was just wondering if anyone had an idea before i phone them tommorrow

Two Points

1. Isn't the policy assigned to the mortgage lenders and thus out of your control until you have paid your mortgage?

1. Doesn't the endowment policy protect their investment via it's life cover. Surely that is the whole point of an endowment policy, as far as the mortgage lenders are concerned. How could they let you discontinue the life cover and just retain the savings plan?

Ellis

"Ellis" wrote

Many lenders don't require life cover.

"Ellis" wrote

Not always - OP can answer for his particular case.

In message , JonnyC writes

No, this will likely cause a chargeable event and it may lose its tax wrapper. Also, changing the payments isnt usually allowed by the LIfeCo anyway.

Dont do that, its unlikely to be worth it. Tell us which company and what fund you are investing in. If it is not a with profit fund you would be better surrendering and investing in a decent collective fund or funds instead. Perhaps wrapped in an ISA.

In message , Ellis writes

It is unlikely that this is the case these days, but no doubt the poster will confirm this.

If it's a qualifying policy (proceeds tax free at maturity), then the premiums can only be varied within quite tight limits.

Have you read the policy terms?