after 20 years we now find that our mortgage wont be finished in 5 years a we hoped its devisating when you are getting old to find this out can anyone advise me in a helpful way please
10 Comment(s)
read the small print,, question the mortgage lender,,,
try ringing one of those nice companies who have been advertising on the tv for ages about it. I’m sure they will rob you even more dry than you mortgage company already has for miss selling you the product in the first place.
Sell it………..there are companies that will buy endowment policies that still have time running on them. Use that money and put it in a high interest account.
there has ben companies advertising on the tele about people who are facing a shortfall with there endownment policies.so keep an eye out for them and give them a call.failing that contact your solicitor
I believe there is an odbudsman you can appeal to. I googled “shortfall endowment mortgages ” on your behalf and various options came up. Try doing the same and see which one suits you.
We had the same problem and decided to emigrate to Spain. Best thing we ever did.
best of luck !
1 option.. Find out exactly what the minimum guaranteed amount your policy will pay out.
Contact your mortgage lender and ask them to change your mortgage so that the minimum guaranteed amount is on interest only and the rest is on repayment. Your monthly repayments would be a bit higher than they are now but you will have fully repaid the repayment part at the end of the term and the endowment policy will take care of the interest only part.
If the payments are then too high you can see if you can review your mortgage to another product for a lower rate and do the same with the interest only and repayment amounts.
I suggest Mafia, your dealing with sick, mindless thieving criminals of the worst nature as they hide behind nice suits and the law, so treat them as such.
you need to go to an endownment solicitor and sue for the difference…this can only be done in certain circumstances such as misrepresenttaion…ie…when they sold you it they didnt inform you it wouldnt cover the full cost…if they did inform you or is was written on the contract you have no restitution ie cause for monetary damages
my mother and father in law had a short fall from their mortgage endowment and was able to put in a claim against them and they was paid 8000 ponds compensation, go to citizens advice bureau, they will be able to give you free proffesional advice
read the small print,, question the mortgage lender,,,
Neddie | Sep 21, 2009 | Reply
try ringing one of those nice companies who have been advertising on the tv for ages about it. I’m sure they will rob you even more dry than you mortgage company already has for miss selling you the product in the first place.
arseantlers | Sep 22, 2009 | Reply
Sell it………..there are companies that will buy endowment policies that still have time running on them. Use that money and put it in a high interest account.
lollipoppett2005 | Sep 24, 2009 | Reply
convert your mortgage into a repayment mortgage.
when your endowment matures, pay off the lump sum from your mortgage. then pay the balance monthly.
championis | Sep 25, 2009 | Reply
there has ben companies advertising on the tele about people who are facing a shortfall with there endownment policies.so keep an eye out for them and give them a call.failing that contact your solicitor
mizz1985 | Sep 28, 2009 | Reply
I believe there is an odbudsman you can appeal to. I googled “shortfall endowment mortgages ” on your behalf and various options came up. Try doing the same and see which one suits you.
We had the same problem and decided to emigrate to Spain. Best thing we ever did.
best of luck !
briangarnett2003 | Oct 1, 2009 | Reply
1 option.. Find out exactly what the minimum guaranteed amount your policy will pay out.
Contact your mortgage lender and ask them to change your mortgage so that the minimum guaranteed amount is on interest only and the rest is on repayment. Your monthly repayments would be a bit higher than they are now but you will have fully repaid the repayment part at the end of the term and the endowment policy will take care of the interest only part.
If the payments are then too high you can see if you can review your mortgage to another product for a lower rate and do the same with the interest only and repayment amounts.
andrew900837 | Oct 3, 2009 | Reply
I suggest Mafia, your dealing with sick, mindless thieving criminals of the worst nature as they hide behind nice suits and the law, so treat them as such.
Alex P | Oct 5, 2009 | Reply
you need to go to an endownment solicitor and sue for the difference…this can only be done in certain circumstances such as misrepresenttaion…ie…when they sold you it they didnt inform you it wouldnt cover the full cost…if they did inform you or is was written on the contract you have no restitution ie cause for monetary damages
Emma O | Oct 7, 2009 | Reply
my mother and father in law had a short fall from their mortgage endowment and was able to put in a claim against them and they was paid 8000 ponds compensation, go to citizens advice bureau, they will be able to give you free proffesional advice
COLEEN J | Oct 8, 2009 | Reply