endowment up year and half after mortgage

mapex

OH NO....dont believe it.....:mad:

My 25 year endowment mortgage is about up now i get told my endowment policy has another year and a half to run...im worried sick.

I should have noticed but when i took the policy but they the TSB should
have noticed it, i remember the guy who sold me it got all the numbers
wrong...bottom line where do i stand ?

Ive called both the Coverntry and Prudential who the policy is off, ive to send them the policy and they will tell me my options.

This has ruined the happy feeling i had of finishing it, i thought it
all worked out.
I switched motrgage to prudential but im honestly now stupid enough to
miss a massive error like this...

BoGoF

You positive you didn't reduce the term of your mortgage when switching lenders?

mapex

Well you see that might have happened but i dont think i would
make such an error..but you never know...justy trying to find
out where i stand..

Thrugelmir

Extend your mortgage term.

mapex

Extend it...what does that take in ? I know what extending it means but what would it include...thanks everyone...my wife and i are sick right now..

opinions4u

Options:

1) Extend the mortgage term. Your lender will almost certainly agree to this. It means paying your monthly payment for longer of course.

2) Cash in the policy now and pay it off the mortgage. This may leave a balance if it's not worth enough. ** note this may not be the best course of action on a with profits type policy or a policy with some sort of mortgage guarantee **

So some questions.

Is the policy on course to clear the debt anyway?

Who sold you the mortgage, and how did the term get mixed up?

dunstonh

It is not uncommon for people to find their endowment and mortgage go out of sync. Every remortgage can move it out of sync.

However, if you have been with the same mortgage for the last 25 years then that shouldnt happen.

Lenders will happily extend for 18 months as long as you tell them and you are not in arrears.

mapex

The original policy and mortgage was with tsb why was this not noticed and pointed out surley thats there job to make sure they tie up, why.did i not notice...then i remortgaged with prudential and honestly i cant see.me making an error like this...trying to figure it out..guy i spoke to said this happens on occasion its a worry.

BoGoF

How do you know they didn't originally tie up? Do you still have your original paperwork.

Surely you can do a rough calculation to see if you got it wrong, when did you take out the original mortgage? When did you re-mortgage and for what term?

mapex

I did a rough calculation and they tie up the tsb and the policy so dont think thats to blame. I had 3 policys covering my mortgage 2 were up recently and paid a 2 grand short fall. I told prudential i had 3 policys and it seemed ok but i cant see me making an error like that, id need to see the doc i signed dissapointed and in these situations i keep asking myself did i get it right.

foreversummer

Look you seem frantic with worry . . . do not panic. I'm quite sure you are not going to become homeless over this.