The misery of the Endowment Mortgage

changlyn8

The amount of misery that the Endowment Mortgage has brought to myself and other people is heart breaking.

Although, Barclays (original mortgage was with the Woolwich) has agreed that my endowment was mis-sold and they are willing to amend my mortgage to a repayemnt one but only on the condition that I surrender my endowment policy if I had a little more money I would keep the policy and simply change to a repayement one. NO such luck.

If my financial circumstances was different I would have left Barclays and looked for a better deal but the unemployed are left out in the cold. As it is I have been given until 18th JUly 2006 to accept the offer or simply keep the Endowment Policy and deal with the projected shortfall of just over £30,000.

To top it all when Octobers hits I will only have 11 years left but at Barclays current rate of 6.59% I could not handle the repayements as a result I have had to opt to extend my mortgage by an additional 2 years as the DWP only pay 6.08%.

My only hope is that all these JOb Interviews will one day pay off and I will be able to reduce the Captial by a nice sum.

To poor to see a financial advisor.

aloiseb

Is there no way you coudl sell the endowment rather than surrendering it?
I'm not a financial advisor or anythign, just I've heard you make more on them that way.

Did they offer you a smaller amount of money in compensation if you didnt' surrender? that's the offer we got from Sun Life of Canada. It wasn't much but might see you through the next few mortgage repayments if that was an option?

Good luck.

Hitman_2

I have just reported my compensation offers in the Success thread but would like to ask the following please.
I am looking to cash in 1 of my endowment policies and want to know the best way to do this. The policy was commenced in 1995 and matures in 2012.
Is it best to cash it in with the provider or sell it to a 3rd party?