Endowment mortgage paid up BUT !

shezza2

Hi all, I have recently paid up my endowment mortgage with no shortfall to pay, great. But I have also been told that there is nothing to come back either. Of course I am grateful that there is nothing to make up but its a bit of a coincidence that the endowment covers it to the exact penny! What do you think.

dunstonh

You should get any surplus the endowment has provided.

The exception would be where there is a shortfall on the endowment but agreement to meet the target amount. In which case the exact value would meet the mortgage.

What was the maturity value and what was the outstanding balance?

shezza2

When we ask the building society at the end of the mortgage all they said was that there was nothing to come back. I thought it was just a coincidence that the the mortgage was paid for right down to the last penny!

So do I need to ask them.... What was the maturity value and what was the outstanding balance?

opinions4u

The life company should give you a maturity statement. Who are they?

The lender should give you a closing statement.

You can then reconcile the two.

If there is an endowment guarantee then the maturity should be mighty close to the exact mortgage amount. If it isn't most lenders have a write off method for tiny shortfalls of a few days' interest.