endowment mortgages

hedgie1

Hi, I'm new to this forum so sorry if this question has been previously asked. We have a mortgage with Santander that is part endowment and part repayment. Our original mortgage had one endowment policy and each time we moved we just added extra ones to top that one up. At no time were we told that a repayment mortgage would be a better option, even when we took out the new repayment bit of our current mortgage. We did ask about it at the time but the monthly repayments would have been too much, still we weren't advised that it would be better.
My question is does anyone think we may have a claim? and if would it bewith Santander, our original mortgage providers or the insurance companies. Any help would be appreciated.

dunstonh

My question is does anyone think we may have a claim?

Doesnt sound like it. Most banks give information only. Not advice. Plus, their risk warnings on interest only mortgages have existed for many many years. It is for you to read them if you do not seek advice.

The clue is also in the name. Interest only. How did you think the mortgage would be repaid when you are only paying the interest?

Thrugelmir

hedgie1 wrote: »

We did ask about it at the time but the monthly repayments would have been too much,

So you were aware that the repaying the mortgage would be unaffordable if your incomes didn't increase significantly enough. That's a gamble you took. That appears to have backfired.

Perhaps now is a good time to revisit your finances, and make a longer term plan.

holly_hobby

When you say you "asked about it at the time" but it was unaffordable, when did that happen ? What does the statement related to (ie conversion from interest only to C&I, when you orginally effected your mge way back when ? Or more recently ?)

My current reading of your post infers that you are suggesting that from inception (ie when you effected your first ever mge), you were, and remained over the elapsing yrs (despite various further mgse/further advances, completely unaware of the existance of repayment (C&I) mortgages, until you recently effected "the extra bit on repayment" ?

Is that a correct evaluation of your issues ?

How did you effect your initial mge, and further mge requirements over the yrs ?

H