Endeavour Personal Finance can give me no straight answers!!

Beckyboo278

Hi there

My partner and I took out a loan in 2007 with Endeavour (duration 10 years) which is secured on our property so in effect a second mortgage.

I recently contacted them as we are looking to move house within the next few years to query what happens. i.e. do we just notify them and the details are transferred to the new property. They said they have changed their procedures and you can no longer transfer a loan. I asked what would happen and they said the loan would have to be cleared upon moving. I said we would not have the funds to do this (about £18000) however after we had paid our 10% deposit on a new house there would obviously be sufficient equity to cover them if you follow me.

They could not give me a straight answer to my question?! They said oh well when you go to move call us and we'll basically talk about it? What the hell? I asked what the position would be if we were to move and then said we could not pay them and they cannot answer me?!

I also asked re the interest rate that we was on which is currently 10.48% and they advised that this would finish next year (it was an initial 5 year fixed) so I queried what this would then be changed to. They advised it would depend on the current B of E rate. I said ok and queried how they calculated their interest rates then and again they just could not answer??

I am very concerned now about this, no one can give me a an answer.

I did ask whether this meant I could not move house (unless I was in a position to pay this off early) until 2017 when the loan finished and again they just ermmmed an ahhhhed??!

Does anyone else have similar experience?

Many thanks.

roonaldo

Usually all charges (endeavor loan in your case) on a proprerty should be paid off when selling property, which you have been told.

The lender also does not have to agree transder their risk to another property, I doubt the loan is portable (not evan all mortgages are) so you would have to pay it off.

Your originally loan offer will confirm how there variable rate is calculated.

You say you may not have enough funds to do this, unfortunetely you might have to stay where you are then.