# cashing in an endowment?



## dcj (Apr 17, 2009)

Thinking of doing the above as we,re switching to a repayment mortgage(possibly). Has anyone done it and do you get back what's on the statement or is there any penalty?


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## Beancounter (Aug 31, 2006)

Yes, a few years ago though, we just took the cash and paid it straight off the mortgage. 
I'm sure there will be a penalty/admin charge for cashing it in and bear in mind that the value will be dependent on recent market movements, not just the value on your last statement. 

It's worth seeking some sort of financial advice if you're unsure as it could be that the money could be better invested in a more tax efficient vehicle or other product, or paid off your new mortgage (assuming it lets you do that and you don't just want to free up the cash to 'spend').


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## dcj (Apr 17, 2009)

Beancounter said:


> Yes, a few years ago though, we just took the cash and paid it straight off the mortgage.
> I'm sure there will be a penalty/admin charge for cashing it in and bear in mind that the value will be dependent on recent market movements, not just the value on your last statement.
> 
> It's worth seeking some sort of financial advice if you're unsure as it could be that the money could be better invested in a more tax efficient vehicle or other product, or paid off your new mortgage (assuming it lets you do that and you don't just want to free up the cash to 'spend').


It is to pay up a few things to make life a bit more comfortable now rather than worrying about life in another 12 years.thanks for the help.


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## RaceGlazer (Jan 10, 2007)

Ask them for a valuation which will vary day by day. I did one last year. 

But get advice too - obviously not from anyone who has a vested interest in selling you something..oops, that was the car covers thread....


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