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Endowment Policy Matured
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emfceee
Posts: 1 Newbie
Proceeds of endowment lodged with Halifax Head office today (confirmed)
After payment of outstanding mortgage leaves a substansial balance belonging to me.
Halifax insist that this will take 7 days to process before I can manage my funds. I manage all my accounts by e-banking.
I could not get any sensible answer about the enforced delay nor was this mentioned prior to maturity. Anyone explain?
After payment of outstanding mortgage leaves a substansial balance belonging to me.
Halifax insist that this will take 7 days to process before I can manage my funds. I manage all my accounts by e-banking.
I could not get any sensible answer about the enforced delay nor was this mentioned prior to maturity. Anyone explain?
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Comments
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Repaying the mortgage and clearing the legal charge.
If you've had 25 years to wait, why the hurry now?0 -
Banks like to make money.
There is no real excuse but giving you your money is not their priority.
At times like this, the serenity prayer helps.God,
Grant me the serenity to accept the things I cannot change,
the courage to change the things I can, and the wisdom to know the difference.
GGThere are 10 types of people in this world. Those who understand binary and those that don't.0 -
The funds can be recalled so they have to allow for them to fully clear. Then they have to transfer the funds to your mortgage to clear that and then the surplus gets paid over to you. 7 days is acceptable to allow the work to take place.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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that's impossible - endowments are the work of the DevilI am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it.This signature is here as I follow MSE's Mortgage Adviser code of conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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