Halifax Mortgage Ending and Interest Charges

Sandybanks

My Halifax Endowment Mortgage finishes next month. A large part of it will be paid off by a Standard Life with profits policy. Standard life say they don't know how much they will be paying till the policy ends and that it will take 3 to 5 days for them to decide and send the money. In this case the money goes direct to Halifax the lender. I have this nasty feeling that while they are getting their act together and deciding just how much additional money I need to clear the Mortgage they will be charging interest at a daily rate.

Has anyone's Mortgage finished recently who can tell me what happens as there does not seem to be a mention of it in any of the letters from the Halifax

Thrugelmir

Presumably you have been given projections as to the payout previously. So have an indication as to the shortfall. Depending on the interest rate on your mortgage compared to your savings. Maybe worth paying the mortgage down now. As any excess funds in the account, after the endowment procceds are credited, will be refunded to you.

Goldiegirl

They used to be able to 'as date' the transactions, which meant that the endowment policy proceeds would be credited to the mortgage account back dated to the maturity date of the policy.

But now they are on their new systems I don't know if they are able to do this anymore

Dave_the_Ginger_Cat

If your endowment does not pay off all of your mortgage, any interest which is charged will only be on the oustanding balance after the payment.