Prudential endowment mortgage holders may get bonus
Prudential has announced welcome news for its endowment mortgage customers who are dependent on endowment policies to pay off their mortgage this year. Other customers will also benefit as, for the first time in 18 years, there will be increased annual bonuses paid to with-profit policyholders.
The company said all Prudential endowments will meet repayment targets this year. This will benefit the estimated to be 15000 homeowners dependent on Prudential endowment policies to pay off their mortgage this year. It is expected that 98 per cent of Scottish Amicable endowments will meet repayment targets in 2008.
Unfortunately Prudential predicts that 19 percent of mortgage endowments maturing in later years may not pay off the mortgages they were intended to cover. Nearly 50 percent of The Scottish Amicable policies due to mature in later years are expected to suffer a shortfall.
July 21st, 2008 at 5:08 am
I was looking to get a quotation for an endowment to run alongside my repayment mortgage total amount £89,000 outstanding and 12 years still to run. Do you do this?
July 21st, 2008 at 6:12 am
@Mrs V McCabe Unfortunately we do not sell financial products as this is a news and information site.
Although a number of companies would be able to provide a quotation there are conflicting views on the usefulness of endowments as investment and / or insurance products, making independent financial particularly important.
A good starting point is the FSA’s Money Made Clear page Getting Financial Advice.
March 17th, 2009 at 3:45 pm
My endowment will mature in 2013 and its attached to my mortgage. I am not sure if i should surrender the endowment and pay the bulk amount towards my mortgage?