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Endowment Policy Question..

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  • 31-03-2004 2:04pm
    #1
    Cuauhtemoc
    Registered Users Posts: 417 ✭✭


    Looking for some advice on endowment policy.

    Sell it/Keep it etc.
    Between the policy payments and interest, over €950 p/m is going on this which i think is fairly high.

    The situation with the endowment policy is this:

    Payments of €540 per month for the last 7 years. A proportion of which goes into a Mortgage Protection policy.

    The current value of the endowment policy is €20,000 according to Friends Provident, with 13 years left to run.

    Mortgage value is about €115,000 (back when property was cheap)

    Is it worth keeping the policy until it matures, and is it going to be enough to cover the mortgage.

    Would it be better to sell the policy to one of the companies that specialise in buying them(would they pay much for it??) ?
    Then pay off a good chunk of the mortgage and get a standard mortgage for whatever is left?

    Any other suggestions/recommendations on this?

    Cheers.

    C.


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