We’d like to remind Forumites to please avoid political debate on the Forum.

This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Want to become a Forum Ambassador? Visit the Community Noticeboard for details on how to apply

Endowment mortgage

dave2202
dave2202 Posts: 10 Forumite
in Mortgages & endowments
My friend has a endowment mortgage did tell her to sort it out years ago but she didnt now the mortgage has ended and she still owes money on it
The company she is with have gave her 3 months to sort something out but she only works part time
Does anyone know what she should do i told her to go to an independant mortgage advisor

Comments

  • McKneff
    McKneff Posts: 38,857 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Your post is very confusing, would you like to re read it yourself.
    make the most of it, we are only here for the weekend.
    and we will never, ever return.
  • dave2202
    dave2202 Posts: 10 Forumite
    Ok my friend mortgage has finished and she still owes the company money and she doesnt know what to do
  • McKneff
    McKneff Posts: 38,857 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    So you mean that the mortgage has ended, the endowment policy has paid out and paid off some of the mortgage but there is still some remaining to pay, have I got that right.

    Your correct in that she should have sorted it out before now, she could have gone to the mortgage people and asked for advice.

    I'm no expert and I didnt want to read and run but I can only think that she needs to go and ask them for advice, you seem to be a bit more sensible, could you go with her, she needs a loan or something to pay it off.

    Hopefully moe people will be along who can advise better than me
    make the most of it, we are only here for the weekend.
    and we will never, ever return.
  • opinions4u
    opinions4u Posts: 19,411 Forumite
    How much does she owe?

    What income does she have?

    What has her monthly payment been - split out mortgage and endowment?
  • dunstonh
    dunstonh Posts: 121,099 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Mortgage endowment shortfalls have been notified for over a decade. Your friend appears to have buried her head in the sand.

    her choice now is to ask the lender to extend the mortgage for another 5 years and convert to repayment basis (which most will do unless there are credit issues) or to get a new mortgage elsewhere or if the amount is small, then a short term personal loan.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • dave2202
    dave2202 Posts: 10 Forumite
    She owes £7500 and she only works part time and gets paid about £800 per month
    Just found out that its a joint mortgage but shes been divorced for 15 years and she was still paying insrance for her ex husband all this time
  • dunstonh
    dunstonh Posts: 121,099 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Just found out that its a joint mortgage but shes been divorced for 15 years and she was still paying insrance for her ex husband all this time

    The solicitor she used wasnt very good. As it stands then, her ex husband is still jointly and equally liable for the mortgage debt.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 353.9K Banking & Borrowing
  • 254.3K Reduce Debt & Boost Income
  • 455.2K Spending & Discounts
  • 246.9K Work, Benefits & Business
  • 603.5K Mortgages, Homes & Bills
  • 178.3K Life & Family
  • 261K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.7K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.
Update Your Picture