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Reposessing endownments
Agutka
Posts: 2,376 Forumite
We have an endownment mortgage :rolleyes: and I have a hypothetical question.
If we were to stop the mortgage interest-only payments, the bank would reposess the house. But would they take the endownments too? (Held with other companies)
If we were to stop the mortgage interest-only payments, the bank would reposess the house. But would they take the endownments too? (Held with other companies)
:wall:
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Comments
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Years ago mortgage lenders used to insist on policies being assigned to them. Nowadays they don't. You need to find out if your policy is assigned or not.
If you are facing financial difficulty, the mortgage is the last thing you should stop paying - certainly the endowments should be stopped first.
Post details of the endowments and someone will advise what is the best to do: sell them, make them "paid up" or surrender them. At the very least they could release cash to help towards your current problems.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
Thank you, but it was a hypothetical question, our morgage is in no danger.:wall:0
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