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    • Tberry
    • By Tberry 11th Mar 17, 12:00 AM
    • 21Posts
    • 19Thanks
    Tberry
    Old endowment mortgage
    • #1
    • 11th Mar 17, 12:00 AM
    Old endowment mortgage 11th Mar 17 at 12:00 AM
    I bought my first small flat back in 1988 and had a small endowment mortgage, I sold it in 1997 and stayed with the same mortgage provider with my new place, I since sold that and bought another place, where I am now and mortgage free since retirement. Now I'm wondering after all this time if I might be entitled to some payment from the endowment. My mortgage provider for both places was Britannia Building Society, which I've just learned, has since been taken over by the Co-op. How would I go about finding out, what questions should I ask, has anyone on here had the same query? The reason I'm thinking about it now is that I have been paying attention to Martin's words about PPI and searched till I found every bit of paperwork that I still had, and found that I and my (then) joint mortgage holder had been paying for employment cover, and I have made a claim for my half of what we paid. Any words of advice would be very gratefully received. Thanks
Page 1
    • dunstonh
    • By dunstonh 11th Mar 17, 12:11 AM
    • 89,873 Posts
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    dunstonh
    • #2
    • 11th Mar 17, 12:11 AM
    • #2
    • 11th Mar 17, 12:11 AM
    Now I'm wondering after all this time if I might be entitled to some payment from the endowment.
    When did you stop paying into it?

    How would I go about finding out
    Ask the insurance company you bought the endowment with. The insurer would send a statement every year if the policy was in force. This assumes you gave them any change of addresses.

    The reason I'm thinking about it now is that I have been paying attention to Martin's words about PPI and searched till I found every bit of paperwork that I still had, and found that I and my (then) joint mortgage holder had been paying for employment cover, and I have made a claim for my half of what we paid.
    Not sure what PPI has to do with this.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • McKneff
    • By McKneff 11th Mar 17, 12:13 AM
    • 35,707 Posts
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    McKneff
    • #3
    • 11th Mar 17, 12:13 AM
    • #3
    • 11th Mar 17, 12:13 AM
    Did you stop paying for the endowment so that it was cancelled. Normally you take an endowment out for a certain amount of years, you pay only the interest to the mortgage company. Wnen the endowment matures. It pays off the mortgage.

    Endowment and ppi are 2 completely different things so your post isnt making a lot of sense ?
    Last edited by McKneff; 11-03-2017 at 12:15 AM.
    make the most of it, we are only here for the weekend.
    and we will never, ever return.
    • Tberry
    • By Tberry 11th Mar 17, 3:02 PM
    • 21 Posts
    • 19 Thanks
    Tberry
    • #4
    • 11th Mar 17, 3:02 PM
    • #4
    • 11th Mar 17, 3:02 PM
    Sorry, I can see it doesn't make much sense - now! I mentioned PPI because while it was while I was searching out old insurance papers, that I found most were about actual mortgages, statements etc., and it reminded me about the endowment. I must have stopped paying towards the endowment when I started a new, joint mortgage in 1997, and paid off my old mortgage, which hadn't run for the intended original number of years, I think I had a twenty year mortgage endowment. I just don't remember if the endowment payments were deducted from the final balance or not, haven't managed to find all the relevant papers (two house moves since then), or if perhaps they wouldn't be paid out anyway till the twenty years were up, just wondered if anyone has had a similar experience. Also they wouldn't have had my current address when the 20 years had passed.
    • dunstonh
    • By dunstonh 11th Mar 17, 4:16 PM
    • 89,873 Posts
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    dunstonh
    • #5
    • 11th Mar 17, 4:16 PM
    • #5
    • 11th Mar 17, 4:16 PM
    or if perhaps they wouldn't be paid out anyway till the twenty years were up,
    As long as you continue to make payments to the endowment then it would pay up on maturity.

    If you stopped making payments then you would either surrender the plan (and obtain the surrender value) or make the plan paid up (which would effectively stop the plan growing through extra contributions). Paid up plans continue to issue statements. Most people surrender rather than go paid up.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • Tberry
    • By Tberry 11th Mar 17, 11:19 PM
    • 21 Posts
    • 19 Thanks
    Tberry
    • #6
    • 11th Mar 17, 11:19 PM
    Thanks
    • #6
    • 11th Mar 17, 11:19 PM
    Thank you for that, it makes sense to me, but as I've forgotten so much of what happened around that time (illness etc.), I thought I should check out if anyone here could enlighten me, and you have. You seem to know your stuff!
    • Catherine morrison
    • By Catherine morrison 12th May 17, 2:27 PM
    • 1 Posts
    • 0 Thanks
    Catherine morrison
    • #7
    • 12th May 17, 2:27 PM
    • #7
    • 12th May 17, 2:27 PM
    Hi i had a endowment mortgages years ago but have no paperwork and it was the national provincial then became abbey national but had to remortgage so we would not have a short fall is this worth checking ty x
    • AnotherJoe
    • By AnotherJoe 12th May 17, 3:12 PM
    • 7,671 Posts
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    AnotherJoe
    • #8
    • 12th May 17, 3:12 PM
    • #8
    • 12th May 17, 3:12 PM
    Have you been paying into it for all these years?
    • 4N4LOG
    • By 4N4LOG 6th Jul 17, 10:05 PM
    • 1 Posts
    • 0 Thanks
    4N4LOG
    • #9
    • 6th Jul 17, 10:05 PM
    Endowment and ppi
    • #9
    • 6th Jul 17, 10:05 PM
    Our joint endowment policy has just matured and paid out to my wife and I (we already laid of the mortgage during house moves)
    I too had employment protection sold to us when we took out the contract 25 years ago.
    Is this a form of ppi?
    As it happens, I was retired from my job as a Police Officer due to injury on duty and I am in receipt of an injury pension.
    I agreed to have the employment protection as I was told by the salesperson (a retired police officer) that I would need it in case I was too ill to work due to the nature of my work (highly likely) and it would pay our mortgage if anything happened, or I was killed.
    As it happens, I forgot about the cover, getting injured 12 years later and did not benefit from the policy. I kept paying the endowment whilst retired, until maturity.
    It is obvious to me that I did not need this policy, as my employer continued to pay my salary until they began paying my injury pension.
    Is this a ppi or not and would I have a claim for mis selling?
    The endowment company is not a high street bank, a private company.
    Any help greatly appreciated.
    • marts1
    • By marts1 7th Jul 17, 9:09 AM
    • 4 Posts
    • 0 Thanks
    marts1
    Hi. I have a similar question.I took out a mortgage (endowment) with the Halifax in 1988. Which I stopped paying when I moved in 2001. I know I had insurance with it but without paperwork how can I claim?
    • antrobus
    • By antrobus 7th Jul 17, 9:25 AM
    • 15,296 Posts
    • 21,828 Thanks
    antrobus
    Hi. I have a similar question.I took out a mortgage (endowment) with the Halifax in 1988. Which I stopped paying when I moved in 2001. I know I had insurance with it but without paperwork how can I claim?
    Originally posted by marts1
    Unclaimed Assets Register?
    https://www.uar.co.uk/
    • antrobus
    • By antrobus 7th Jul 17, 9:36 AM
    • 15,296 Posts
    • 21,828 Thanks
    antrobus
    Our joint endowment policy has just matured and paid out to my wife and I (we already laid of the mortgage during house moves)
    I too had employment protection sold to us when we took out the contract 25 years ago.
    Is this a form of ppi?..
    Originally posted by 4N4LOG
    More likely waiver of premium. Often available as an option on endowment policies. Pays the endowment premiums if you become too ill to work.

    Forgetting that you had waiver of premium, and not claiming isn't mis-selling I'd have thought.
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