Unlinking endowment from mortgage

dunstonh

Its no big deal getting the policy reassigned.

I am guessing you are not very experienced as you are a mortgage adviser and not authorised to deal with investments and havent had to deal with many of these over the years and not had a lender that ceased to exist say 15 years ago and has gone through many owners since and the current owners dont have a clue what assignment means and the endowment company want the letter to be worded a certain way.

There have also been many threads on here by posters over the years who have reported massive delays on getting it sorted. Sometimes you get lucky and the lender is quick. Sometimes they are not. However, if your policy is no longer required for the mortgage and its assigned then why wait until maturity to get the assignment removed?

I am new to posting on this site and after 24 hours I am giving it up as a bad joke as the site does not seem to be about helping people with basic sound advice. It seems that it is about nit picking with other peoples comments who are trying to help etc.

Its not nit picking. The OP has not stated one way or the other that the policy is assigned to the lender or not. They have said its linked. Now that could be them incorrectly thinking that a policy is automatically linked to a mortgage or it could be that it is assigned to the lender and there is an actual link.

You assume that the OP knows what assignment is and would have said. My experience is that most consumers dont have a clue what it means and wouldn't know if their policy is or isnt assigned until someone tells them to check. You also have to remember that others are reading this that are not contributing to the thread who could be reading this next week, next month or next year and are in a similar position. The clarification on points made can help those people as well as helping the OP.

surrobeth

Sorry if I have caused any upset here in my vagueness. I don't know if the policy is assigned or not, I will phone my lender and/or endowment company tomorrow to see if it is and if so what they need me to do about it. Thank you everyone who has tried to help.

dunstonh

surrobeth wrote: »

Sorry if I have caused any upset here in my vagueness. I don't know if the policy is assigned or not, I will phone my lender and/or endowment company tomorrow to see if it is and if so what they need me to do about it. Thank you everyone who has tried to help.

You dont need to ask the lender. You ask the insurance company if the policy is assigned or not. If it is assigned, ask them the name of the lender (just in case you have remortgaged over the years and its no longer the current one).

If its not assigned, there is no need for you to worry about it. If it is assigned then come back here and we will tell you what to do next.