Endowment Mortgage

FlatEric_3

Hi, new to here, so here goes.

I have an ex wife that has to produce £10,000 to keep hold of her home from solvency people. I had serious money problems 6 years back and had to declare bankruptcy. I contacted her and told her what was going to happen and that all she had to was buy their interest out which at the time would have been about £400 including Solicitors fees cause the house wasn't worth anymore than what was paid. I discover now that she never dealt with it and just left it.

The House was bought in 1991 on 25 year mortgage and would have been up by about 2016.

She doesn't work because of an accident at work years ago, my name is also on the mortgage which they wouldn't let her remove because of her not earning enough but still pays the mortgage anyway.

Would there be anyway of say changing the mortgage to a repayment one and then cashing the endowment in so as to raise the cash for the money required?

Many Thanks if anyone can advice some good news.

JoeK_3

Contact the lender and ask them.

1) If they agree, you will be asked to pay a fee of around £75, subject to your mortgage deed.

2) You may have problems having a joint account to pay the cash in value of the endowment.

3) Do investigate maybe selling the endowment if it is a with profits policy.

JoeK