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Endownmnet Maturing - What Next?

hall2056
hall2056 Posts: 30 Forumite
in Mortgages & endowments
Hi, my endownment will shortly be maturing. What happens on the date of maturity, does the endownment provider send me a cheque or is it paid direct to my mortgage lender?

I am asking the question, as I will have a shortfall of approx. £2,500, which I have been aware of for some time, and have put aside in a high interest account.

Would be grateful for explanation on what happens?

Thanks

hall2056 :confused:

Comments

  • dunstonh
    dunstonh Posts: 118,174 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    If its assigned to the lender, the funds go to the lender. If its not assigned, then they come to you. It will be by cheque or bank transfer depending on what you put down on the instruction you get a few months before.
    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.
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