confused about my mortgage?

shanouck

I went to buy my house from Woolich in 1991, they did not give me a mortgage but sold me life insurance i only paid a couple of years on this as trying to meet the bills was hard at the time.
Woolich turned me and my partner down for a mortgage as we were not earning enough...They found some one who can give us a mortgage which is Bradford and Bingley, They say on the statement that we could be in for a shortfull....It is a part re-payment and part endownment mortgage...Can i make a claim for the Miss sold endowment? If not what can i do? I am confused by it all....and am i right in thinking that the life insurance which i had with woolich is part of the endowment? I just do not know or understand any of it.....
And am hopeing some one on here can help me....what should i do any advise most welcome.

maninthestreet

Sorry, your post is confused - do you currently have a mortgage with the Bradford and Bingley? If so, when was the mortgage taken out, how much was it for, and how much is now outstanding? Are you still paying into the endowmnet policy? If you have stopped paying into the endowment policy, then a shortfall on the payout is inevitable.

sarkin

Let me get this right, you bought a policy in 1991 you only paid for a couple of years and now 15 years later you want to sue the company.

shanouck

Yes i do have a mortgage with Bradford and Bingley still.... as like most mortgages it is a 25 year mortgage taken out in 1991...it was for £32,000 and still owing is about the same amount.. the statement should be thro this month i have been over paying through out the year to try and get this down" also...Yes i bought a life insurance policy with woolich which as i said could not pay after two years as i was finding it hard to meet household bills.....was this part of the Endowment? or is this the Endowment policy? Or is the Mortgage it self?

Noz

You need to tell us that.

maninthestreet

shanouck wrote: »

Yes i do have a mortgage with Bradford and Bingley still.... as like most mortgages it is a 25 year mortgage taken out in 1991...it was for £32,000 and still owing is about the same amount.. the statement should be thro this month i have been over paying through out the year to try and get this down" also...Yes i bought a life insurance policy with woolich which as i said could not pay after two years as i was finding it hard to meet household bills.....was this part of the Endowment? or is this the Endowment policy? Or is the Mortgage it self?

We can't answer these questions, as we have no access to any of the documentation that relates to either your mortage or any endowment/life assurance policy. Endowment policies have life assurance built-in. Does the documentation for the policy mention the term 'with profits' or 'unitised' at all? Do you get regular (annual) statements from the endowment/life assurance provider? Who is the provider?

shanouck

maninthestreet wrote: »

We can't answer these questions, as we have no access to any of the documentation that relates to either your mortage or any endowment/life assurance policy. Endowment policies have life assurance built-in. Does the documentation for the policy mention the term 'with profits' or 'unitised' at all? Do you get regular (annual) statements from the endowment/life assurance provider? Who is the provider?

I do not and never had any annual statements from the endowment/life assurance provider? who ever it is...the only statments i get yearly are my mortgage statements..So if i am reading this right? then the woolich life insurance was the endowment or part of it...that went with the mortgage.
I was 18 years old at the time and the documents i do not know where they are...even at the age of 18 i was confused about everything with mortgages...and didnt understand a thing...and it was very scarey buying a house for the first time! I remember that much, and thro the years hard and bad times i have always managed to pay the mortgage as thats all that was important to me. i should of also tried harder to pay the woolich life as well...
If woolich life was the policy that is supposed to pay the mortgage off......What can i do now? and suggestions? As all i can think of is over paying every month..Thank you for your help on this maninthestreet.

getmore4less

If you have little or no paperwork then I would do the following to try and track things down.

First check all your regular payments and see if there is any money going out that could be related to the house.

There will be the mortgage but is there any other direct debit or standing order that could be a payment to life policy or endowment.

If you have a payment then that will be one starting point to tracking down a policy.

Next I would ask the B&B for a copy of the mortgage agreement and ask if they think there is an endowment policy that you should have and who is it with.

Your annual statements should say how the mortgage is structured, interest only and/or repayment and might have some information on any endowment policy.

I would also go and ask the woolwich(Barclays) what happened to the policy you had for those 2 years it might have some value.

You say the mortgage was for £32k and you still owe about the same that would indicate an interest only mortgage and if you do not have any endowment because you stopped paying it then you will need to have a plan for paying back the debt.

The usual way is to go to repayment and if money is tight you may need to extend the term since you don't have long(8y) left with this one.

Based on 6% the current payment interest only would be £154 and to pay it off over the next 8 years £420pm. a new 25year term would be £206.

If your current mortgage payment is not in line with the interest rate it could be that B&B are taking an endowment payment.

What is the interest rate and current mortgage payment?

shanouck

getmore4less wrote: »

If you have little or no paperwork then I would do the following to try and track things down.

First check all your regular payments and see if there is any money going out that could be related to the house.

There will be the mortgage but is there any other direct debit or standing order that could be a payment to life policy or endowment.

If you have a payment then that will be one starting point to tracking down a policy.

Next I would ask the B&B for a copy of the mortgage agreement and ask if they think there is an endowment policy that you should have and who is it with.

Your annual statements should say how the mortgage is structured, interest only and/or repayment and might have some information on any endowment policy.

I would also go and ask the woolwich(Barclays) what happened to the policy you had for those 2 years it might have some value.

You say the mortgage was for £32k and you still owe about the same that would indicate an interest only mortgage and if you do not have any endowment because you stopped paying it then you will need to have a plan for paying back the debt.

The usual way is to go to repayment and if money is tight you may need to extend the term since you don't have long(8y) left with this one.

Based on 6% the current payment interest only would be £154 and to pay it off over the next 8 years £420pm. a new 25year term would be £206.

If your current mortgage payment is not in line with the interest rate it could be that B&B are taking an endowment payment.

What is the interest rate and current mortgage payment?

The last statement says interest 7.59% current payment £254.10p it says part and part,-part repayment & part interest...and remainder of my mortgage is on a re-payment basis.
At the moment i have no idea what to do...i will chase up woolich and see if the payments i made there have some value-thanks for that, getmore4less"

getmore4less

7.59% is very high, should have remortgaged by now there have been plenty of trackers around the 6% mark.

If the statement say part repayment it should say how much is owed on each part.

shanouck

Its does not say how much is owed on each part on the statement...?