endowment morgages

t.a.quinn03

Hi i would like to no if i can do anything about a morgage i took out in 1999 i specificaly stated i didnt want a endownment morgage we got our morgage with abbey nationalvafter having this morgage for five years we decided to remorgage with another bank when we recived the paper work i noticed it was a endownment morgage we had no policy for this and for five years we the morgage balane remained the same would like to no if we can do anything about this

McKneff

You didnt have an endowment mortgage, you must have had an interest only mortgage. Endowment policies run alongside this to pay for the mortgage when it is due for payment.

You would have got the paperwork at that time, and signed to say you accepted it.

You should have taken out an endowment policy to cover it, it really was down to you.

I cant see that there is anything you can do. You saved yourself 5 years of policy payments.

If you didnt pay anything, you have nothing to claim back.

holly_hobby

Without getting into the fact that both your mortgage offer and every annual statement for the 5 yrs you held the mge, specifically state that your mortgage is interest only, shows a non-reducing balance, and clearly advises that you should ensure you have mortgage repayment vehicle in place ...

Any complaint has been time barred from 2007 (ie 3 yrs from the date when you remortgaged, and say you for the first time became aware you had an interest only mortgage with no repayment vehicle).

So no (despite the time barring issue), there is nothing to be gained here by any complaint - the responsibility for effecting/maintaining a repayment vehicle was yours alone.

Hope this helps

Holly

kingstreet

t.a.quinn03 wrote: »

when we recived the paper work i noticed it was a endownment morgage

Start making overpayments to bring down the amount you owe.

Why did you proceed with the remortgage if you knew it wasn't what you wanted?