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Guaranteed endowment payout - too good to be true?
Glass_full_not_empty
Posts: 3 Newbie
Please can someone give me some expert advice? I bought my house in October 1989 supported by an endowment policy which I was mis-sold. I have gone through the lengthy process with my endowment provider and they have acknowledged the mis-selling and are upholding the guarantee that at maturity, the endowment will pay 100% of the original mortgage. This is great news, but I now want to sell this property and pay off the mortgage completely. The endowment is due to payout next year, but if I sell the property, will the endowment provider still pay the original sum? Any advice would be gratefully received.
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Comments
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The policy will pay the guaranteed sum on maturity.0
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As long as you keep the endowment policy going it will. If you make it paid up, or cash it in, it won't.No free lunch, and no free laptop
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Thank you both for your reply - so for clarity, even if I sell the house but continue to pay the monthly premium until October 2014, the endowment provider must pay as promised.0
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