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Pip

I have half endowment half repayment on my current mortgage with a cash flow account what happens if I can't pay off the cash flow part and can I claim ppi on a mortgage

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  • dunstonh
    dunstonh Posts: 121,101 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    and can I claim ppi on a mortgage

    Have you suffered a claimable event covered by that insurance?
    I have half endowment half repayment on my current mortgage with a cash flow account what happens if I can't pay off the cash flow part

    The lender will usually let you extend the bit you cannot pay for upto 5 years (or more if you qualify for lending criteria). They would usually convert it to repayment basis which could see an increase in monthly payments even with the other half cleared. If you cant pay it and no solution is possible, then they would encourage you to sell and ultimately, consider repossession if everything else has failed.
    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.
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