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201-8 Sampson Mews, Toronto, Ontario, M3C 0H5 647-691-5553 Website: https://www.gtamortgagepros.com Google Site: https://sites.google.com/site/bestmortgagebrokertoronto/ Google Folder: https://goo.gl/TPq557 Twitter: https://twitter.com/gtamortgagepros
Should I Cash In My Endowment Early To Pay Off My Mortgage? Q The current fixed-rate deal on my interest-only mortgage of £47,000 will finish at the end of next March, and the entire mortgage term is due to end in July 2023. My endowment will mature a year before that and is on track to pay out £49,800 at the low rate and £57,300 at the mid rate. It has never performed better than the mid rate since it started, and has frequently performed at the low rate, leaving me with a potential small shortfall at times. My yearly endowment statement has just arrived and the cash-in value is now £41,000. So rather than just remortgaging next March, I’m thinking of cashing in the endowment early next year and topping up the £41,000 with a personal loan of £6,000 so I can pay off the entire
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mortgage of £47,000. I only have £2,000 in savings and that’s not likely to grow quickly as I’m focusing all I can on pension payments. Is it a good idea to cash in soon, or am I missing something here? I’m 52, single and a full-time employee on an annual salary of £30,000. My mortgage payments are £106 per month and the endowment is £121 per month. The target amount for my endowment is £53,200 but I’ve been paying off £1,000 on the capital amount when remortgaging when I can. Hence the current mortgage loan of £47,000. I would appreciate your advice as I’m worried there’s some glaring reason that cashing in would be a bad idea and I just can’t see it. VB A If £41,000 genuinely is the cash-in value of your endowment – rather than the amount guaranteed to be paid on your death – cashing it in would seem to be a reasonable option. As you are single and don’t mention any dependants, you don’t need to buy another life insurance policy to replace the life cover provided by your endowment. That means you will save the £121 a month that you currently pay for your endowment. Over the next five years that monthly saving mounts up to £7,260 in total, which, when added to the £41,000 cash-in value, is £48,260, not far off the £49,800 the endowment is projected to pay out in July 2022 when you say it matures.
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https://www.gtamortgagepros.com 201-8 Sampson Mews, Toronto, Ontario, M3C 0H5 647-691-5553 Website: https://www.gtamortgagepros.com Google Site: https://sites.google.com/site/bestmortgagebrokertoronto/ Google Folder: https://goo.gl/TPq557 Twitter: https://twitter.com/gtamortgagepros Related Contents: mortgage broker toronto mortgage broker mortgage broker toronto mortgage brokers toronto best mortgage broker toronto toronto mortgage rates toronto mortgage toronto mortgages ontario mortgage broker mortgage broker ontario mortgage brokers ontario mortgage broker mortgage brokers mortgage broker near me mortgage broker in toronto toronto mortgage brokers Recommended Links: https://goo.gl/qUYq27 https://goo.gl/RggghU https://goo.gl/TPq557 https://goo.gl/CNNCKj https://goo.gl/HMBKZ1 https://goo.gl/QKdXD2 https://goo.gl/fQUvcA https://goo.gl/dp1mVA https://goo.gl/bLTHUy https://goo.gl/q4aRSx https://goo.gl/3etZyn https://goo.gl/SSJhPM https://goo.gl/cJUofo https://goo.gl/gNREGq
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