Intreast only repayment

bluetaz2u

I have just received another letter from M/C asking for evidence that I can repay my mortgage at end of term in 2 years time. We have payed some off over the years to cover a predicted short full. The insurance company have stated that they would cover 4 thousand short full, if they were able too in another paragraph. The ins com has changed hands and the new Co also says the same thing, we know you can't trust these people so we chose to cover ourselves. So what we don't want to do is give this information to the M/C in case of take over or collusion between the companies that we have made payments already. The M/C says that if I don't respond with info they will move to a part repayment mortgage. Before I go in the loft to find contract do I have to and can they do this. cheers blue

ViolaLass

The insurance company will cover £4000 "if they're able to"? Are they contracted to cover it or not?

bluetaz2u

As I remember it they promised in one paragraph and used unforeseen circumstances in another. basically if you didn't read the whole contract you would think a promise is a promise. and this was before we definitely knew they were dishonest.

bluetaz2u

And of course the FA used the 4K as a sweetener but didn't mention the But if.

R_P_W

Stop messing about and look at the the contract actually says. If you are going to have a shortfall to find in two years surely better to know about it today rather than two years time?!

Annisele

I assume the OP is talking about some sort of mortgage promise from his endowment provider.

If that's the case, the endowment and the mortgage are completely separate. OP presumably promised his lender he'd take out a mortgage repayment vehicle - and if he hadn't done that, lender would be entitled to be narked. In fact he has - the endowment - so I see no reason why he can't tell the lender he has an endowment policy.

bluetaz2u

R_P_W wrote: »

Stop messing about and look at the the contract actually says. If you are going to have a shortfall to find in two years surely better to know about it today rather than two years time?!

As the post says we have tried to anticipate the shortfall (better than a FA % futures prediction) and to find out if its common practice and they can be trusted with our personal financial info bearing in mind that at the out set we were warned what would happen if we couldn't make repayments, so what has changed now. hopefully more constructive comments will come

bluetaz2u

Annisele wrote: »

I assume the OP is talking about some sort of mortgage promise from his endowment provider.

If that's the case, the endowment and the mortgage are completely separate. OP presumably promised his lender he'd take out a mortgage repayment vehicle - and if he hadn't done that, lender would be entitled to be narked. In fact he has - the endowment - so I see no reason why he can't tell the lender he has an endowment policy.

Its A trust thing, being untrusting I give MC the info of EP we HAVE, they in turn tell them I've covered predicted shortfall, they in return suddenly decide to make out they are financially unable to keep there promise to part cover shortfall. As I have experienced last year when a profit making company ( another story) failed to pay out on promises made only 4 years ago

opinions4u

Are we talking about MC Hammer?