Endownment Mortgage Problem

aum98

about 18 years ago i had an endownment, some 2Yrs into this endownment i asked my financial advicer to change it to a re-payment.

this i thought had been done some months back after actually scrutaniseing the offical mortgage statement i realsed that i have been paying interest only leaving me the shortfall of which the endownment should have covered (or Not).

after some more investigation it has been uncovered that the actual wording on the morgage agreement is down as a repayment, (the correct wording can be put up if needed)

it is established that the endownment was not linked to the morgage had it been, then the build.society would have wanted to know where the shortfall would be coming from.

My question is, should i let the build.society know what i know and if i did could they make me pay more payments. There is equity in the house so upon selling they would get there money back this i know is true but what if i did'nt want to sell at the end of the term is my postion a bad one.

Please could anyone help me out whith this potential headache

thanks

Anthony

Alias_Omega

Hi, Martin’s asked me to post this in these circumstances: I’ve asked Board Guides to move threads if they’ll receive a better response elsewhere(please see this rule) so this post/thread has been moved to another board, where it should get more replies. If you have any questions about this policy please email [EMAIL="abuse@moneysavingexpert.com"]abuse@moneysavingexpert.com[/EMAIL].

dunstonh

The lender doesnt care where the money comes from. All they want is that the mortgage is repaid at redemption date. Whether you sell before then, use other funds or whatever is up to you.

EdInvestor

aum98 wrote: »

There is equity in the house so upon selling they would get there money back this i know is true but what if i did'nt want to sell at the end of the term is my postion a bad one.

Then you'd have to find some other way of paying off the mortgage.