bigpaul

Is it worth cashing in our UK Endowment policies or taking them with us to Oz. Should we need a mortgage, do the Oz Building Societies etc recognise the UK policies or should we need to start again? I recognise we may lose the life cover but we're prepared to bite the bullet if they are not recognised over there????

holmes

not a clue, mate

why not try contacting a handful of Aus banks and lenders (google an appropriate phrase to find some) and see what they say?

also consider, it may not be about whether or not you can use them for lending in Aus, but maybe the life cover isn't valid once you cease to be a UK resident....

ray2gill

Not sure you could use it to buy what would technically be an overseas property. You could keep it as a saving plan depending on any service charges. this is what our daughter has done. Sold her house but kept the endowment going as a savings plan. She has no intention of returning to the UK though and of course it includes life insurance.

Grayling

Be aware that the annual growth of endowments is viewed as part of your annual income by the ATO and you are taxed accordingly.

G

Sally Simpson

I don't know if it is any help, but have you tried the moneyexpert.com site? May be worth a look!

kendalanita

We fly out on Saturday and we are keeping two endowment policies here in the uk - just as saving plans.

camel1

Hi

I work in a bank over here. No they will not be recognised for an Australian mortgage. Endownment mortgages are not a product offered here in Oz.

Hope this helps