Hiya All.
I am in year 18 of a 19 year endowment mortgage.
Value of Endowment life cover with Standard Life is 31030.
Current actual value at 3/6/06 is 21907
Maturing values at June 2007 advised by SL are; @3.75% 23800 @5.5% 24200 @7.25% 24600
Value of Mortgage (with Nationwide) is currently 27604
Since realised in March I have obtained addmission of mis selling and compensation of 3402, which I have agreed and this will be used to reduce balance of mortgage to 24202
I know that amounts are small compared to some other unforunates but age, ill health and need to retire, not to mention the complete disaster SL's greed have made for my dottage make it quite critical for me. I am alien to any form of demutualisation, where the foot soldiers who provide the wealth, they gain a little in short term, but its to the expense of providing for the fat cats profiteering long term. It was traumatic for me to vote for demutualisation :O(
Thousand doller questions are what to do;
1..leave endowment as it is and hope it does not go t*ts down? (Surrennder of policy sounds a no no even to an LSD novice like me)- convert part of morgage to repayment, capital and interest or leave it "as is"?.
- Is rate for endowment "very" likely to go below 3.75%?
- What generally happens to shares on a demutualisation...immediate and long term? In the twilight zone here I know, but probabilities must have some trends recognised by those "in the know" more than I.
Any advice greatfully recieved to unfuddle an old mans thinking...Thank you.