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Endowment shortfall
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FiBi
Posts: 3 Newbie
My first time folks, so hope some of you experts can advise me.
Mortgage ends next year, and am looking at around £10k shortfall. I cannot work as I am full-time carer to my disabled adult daughter. DSS pay some of the interest on my mortgage payments & I make up the difference plus a little extra, & continue to pay endowment policies. Apart from the mortgage I shall be completely debt-free next year when the mortgage is due to be paid. Can i expect my bank to look on my circumstances favourably, never missed a payment etc, or am I in for a whole heap of worry? My circumstances will not be changing due to my caring responsibilities. Also will DSS continue to help with mortgage interest payments if bank agree to extend my terms, at present they pay around £40.00 per month. Any advice would be gratefully received, many thanks.
Mortgage ends next year, and am looking at around £10k shortfall. I cannot work as I am full-time carer to my disabled adult daughter. DSS pay some of the interest on my mortgage payments & I make up the difference plus a little extra, & continue to pay endowment policies. Apart from the mortgage I shall be completely debt-free next year when the mortgage is due to be paid. Can i expect my bank to look on my circumstances favourably, never missed a payment etc, or am I in for a whole heap of worry? My circumstances will not be changing due to my caring responsibilities. Also will DSS continue to help with mortgage interest payments if bank agree to extend my terms, at present they pay around £40.00 per month. Any advice would be gratefully received, many thanks.
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Comments
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Can i expect my bank to look on my circumstances favourably, never missed a payment etc, or am I in for a whole heap of worry?
Most lenders will extend the shortfall by up to 5 years with little concern. They will typically convert the shortfall to repayment basis.Also will DSS continue to help with mortgage interest payments if bank agree to extend my terms, at present they pay around £40.00 per month.
They will continue to pay the interest element.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.0 -
Most lenders will extend the shortfall by up to 5 years with little concern. They will typically convert the shortfall to repayment basis.
This is my first post...
We got a letter today to say our lender will not extend our shortfall of 12200...dont know what to do. Any advice would be gratefully received.
Thanks in anticipation0 -
We got a letter today to say our lender will not extend our shortfall of 12200...dont know what to do. Any advice would be gratefully received.
That is an unusual response and typically is given out to people with poor credit history. If that is the case for you then I suggest you post in the debt free wannabee section as they have some good people in there who can help those with debt problems.
If it is not a poor credit history issue then consider changing lender when you are no longer held by a tie in period.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.0
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