Flat repossessed what happened to endowment?

eden1969

Years ago my partner and his then girlriend had purchased a flat with lloyds tsb. When they split my partner refinanced with northern rock. Due to an error the endowment stayed with lloyds tsb and in both my partner and ex's name. My partner continued to pay the premium on it. Years later due to unforseen circumstances my partner lost the flat in a repossession. Once the flat was resold he contacted northern rock to inquiree if he owed anything and they said no the sale of the flat covered the fees. I wonder what happened to the endowment?
Could it possibly still be available? I thought since it was still in both there names would northern rock be able to take it?

Mouse1812

Is your partner still paying the premiums?

An endowment policy is just a combined insurance and investment product. Part of the premium pays for insurance, part is invested. The invested part can be cashed in, although advice should be taken about the value as final bonuses can be lost.

While they were used as additional security for mortgages they can continue unlinked. When we last moved I switched to a repayment mortgage and kept the endowment going as just another investment. The new mortgage company had no interest in the endowment and the old mortgage company was repaid in full. The policy became free of charge, ie mine.

If you stop paying the premiums the policy will lapse, but it still has value and can be redeemed. Best bet is for your partner to telephone the Policy company and ask. He may however have to share the proceeds with his ex and obtain her agreement to cash in.