I have a Minimum Cost Plan (80) - Early Maturity from Standard Life that has been going since 24 Nov 1988 and ends 24 Nov 2013 this year. I am paying £18.57 a month which provides the life assurance and should have given £12,200 for the mortgage. Luckily I paid off the mortgage when I retired so I dont worry about shortfall etc. However I could use the money at the moment and wonder what the full implications are of cashing it it now rather than wait until end of November apart from the loss of life insurance of course.
The current surrender value is £7509.40 with bonus added. And their maturity value for November cashing in is £7,730 at 3.75% growth, £7,810 at 5.5% and £7,880 @7.25%. I don't even know what the current growth rate is! So with £130 in payments left would I loose out much by cashing in now.
The idea is to pay off about £3000 debts and put the remainder in an ISA.
The current surrender value is £7509.40 with bonus added. And their maturity value for November cashing in is £7,730 at 3.75% growth, £7,810 at 5.5% and £7,880 @7.25%. I don't even know what the current growth rate is! So with £130 in payments left would I loose out much by cashing in now.
The idea is to pay off about £3000 debts and put the remainder in an ISA.