The Standard Life "Mortgage Endowment Promise"!

bigmondy

Does anyone know when the MEP started with SL and what it promised to deliver?

Also - why it doesnt apply to all policies?

I cannot find the paperwork and apparently it applies to certain endowments (with profits I think) and I was wondering why?

holly_hobby

Hi,

The attached link should answer your qs ...

http://ifasok.co.uk/Downloads/BWhmp28203%20(1).pdf

Hope this helps

Holly

bigmondy

Thanks Holly!

spartak_fc

I think that link refers to a 2003 document and it changed on demutualisation. Standard life provide a lot of technical info regarding the MEP via this link:
https://www.standardlife.co.uk/mep
This has the most up to date info but I've referred it to my IFA as its over my head. Got a £45k Homeplan product due to mature in 5 years and need to decide whether it's time to get out while I'm still in profit and woefully short of the target amount:mad:

Eddie123

Hi Spartak_fc. I just came across your post. I am in what appears to be the same boat as you. I have a SL homeplan endowment maturing in 2017 that was originally to pay off a £45000 mortgage, it's currently worth about £19000. I get a yearly statement off them telling me I may be entitled to a MEP but it all sounds a bit vague. The MEP "may" be worth £3800-£5800 or nil...........I really don't like the nil bit ! In a nutshell I would probably cash in now ( I no longer have the mortgage that this was to cover) if there was to be no offer of the MEP. I would be interested to know what you decided to do.

dunstonh

I get a yearly statement off them telling me I may be entitled to a MEP but it all sounds a bit vague.

The amount is variable and legal speak requires it to be worded that way.

he MEP "may" be worth £3800-£5800 or nil...........I really don't like the nil bit

If it hits target you get nil. So, you should like it!

Goober11

So in a nutshell this is good news and you should continue to pay in until matures?