Endowment mortgage

[McGinty]

My wife and I took an endowment mortgage out on our current home with Bank of Ireland in 1995. The only option offered to us was an endowment mortgage. I remember getting a subsequent letter from BOI a few years later saying our endowment was not going to be sufficient to repay the mortgage and should make arrangements to address the issue. I am fairly sure the advice was to look towards another endowment. Unfortunately we don't have the original letter. January 2004 we switched to a repayment mortgage with Halifax. Any advice on this is much appreciated. Thanks, Mc

[seduraed]

Re: Endowment mortgage

Is the endiwent still running and what is it worth as a percentage of the original mortgage?
Next you need to send a subject access request to your original mortgage provider, with the £10 statutory fee as it was so long ago they not have records. Also send a SAR to insurance company providing the insurface company. You may have a claim it's not a field in know much about bit you will be able to see what information there is . I'm sure wiser heads will be along soon.

[McGinty]

Re: Endowment mortgage

Endowment was cancelled when we went on to a repayment mortgage

[warwick65]

Re: Endowment mortgage

Did you cash in the endowment or just stop paying

[Amethyst]

Re: Endowment mortgage

Did you cash out the endowment ?

[Amethyst]

Re: Endowment mortgage

Or “wot he sed!” Lol

[McGinty]

Re: Endowment mortgage

Lol! I don't remember cashing it out. As far as I can remember we just stopped paying it. The mortgage was with Bank of Ireland and the endowment part was with Royal and Sun Alliance. I remember in the early years we could only insure it with Bank of Ireland. I really can't remember much more about it. I have quite a bit of documentation of the mortgage and the various correspondence with Royal and Sun Alliance. Could you also have a look at my other thread about the Barclays commercial mortgage please? Thanks, Mc

[Diana M]

Re: Endowment mortgage

As far as I can remember we just stopped paying it.

Unless you cancelled the endowment policy (which you say you didn't) it's possible (likely) that the monthly payments due would have been deducted from the sum/money/payments which you had paid until that resource had been exhausted.

Most endowment policies include/included life cover (as well as a potential financial maturity target) . Did yours?

Di

[Diana M]

Re: Endowment mortgage

Could you also have a look at my other thread about the Barclays commercial mortgage please? Thanks, Mc

Where?

Perhaps a post asking for help on that thread would be a good idea?

Di

[McGinty]

Re: Endowment mortgage

I have a post on here regarding it Di.