Reposessing endownments

Agutka

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)

silvercar

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.

Agutka

Thank you, but it was a hypothetical question, our morgage is in no danger.