Advice please

cazziej

toonfish wrote: »

I think you probably have a repayment mortgage

I hope I haven't as I have been paying 2 endowments for the past 23 years!!

Actually, I am quite confident I don't have a repayment mortgage as when there was all the fuss about misselling of endowments, I claimed against both of them.

One I was awarded £500 compensation for as they couldn't find the original paperwork and the other they declined as they had worked out that I had not been disadvantaged in any way by having an endowment mortgage as opposed to a repayment mortgage. Both investigatons were via Halifax.

What do you suggest, do the figures not add up to you??

Thanks so far for your speedy replies.

Best wishes

Carol

cazziej

Also, do you know if it IS possible to claim back charges for arrears letters from a building society on a mortgage account?

Thanks Carol

toonfish

Well the rate of interest is astronomical. I'm guessing they may have recently switched you to repayment to take account of the arrears. Don't understand how they can't explain it though.

cazziej

toonfish wrote: »

Well the rate of interest is astronomical. I'm guessing they may have recently switched you to repayment to take account of the arrears. Don't understand how they can't explain it though.

Toonfish, surely they would have had to inform me of this fact? Surely it would have been obvious to them that I had endowments??

Also, would it have been viable to have a repayment mortgage at this late stage, with less than 2 years to go?

What would you suggest I do now?

Shall I wait until the Halifax write back to me with an explanation? The only thing is, whatever they say, I will be blinded by science, and probably tempted to believe whatever they tell me, so in effect they could tell me anything.

Do you have any ideas for me please??

Thanks, Carol.

cazziej

Also Toonfish, don't know if this makes any difference but I will give you the details of the endowments:

Bought our first house in March 1984 for £12,500, took out endowment on this for 25 years.

Sold this house in 1989 for £24,000:j and bought the house we have now been in for almost 18 years (in October) for £27,500. We carried on the old endowment and took out a new endowment on this house for 20 years, to end the same year as the first endowment.

Over the past few years, if I have gone into arrears, it is never for the full monthly amount, but possible £50 short of the full amount for several months.

Thanks, Carol.

cazziej

Small update:

Just found my most recent statement and this one reads as follows:

Date of effect: 01.06.07
Type: Halifax Standard Variable Rate
Loan Type: HVR001
Interest rate%: 7.5%

Your amount outstanding as at 31.05.2007 = £24,207.95

After ringing the Halifax last week, I was told they would investigate and contact me within 5 working days, time is up tomorrow, be interesting to see what they say.

Does anybody else have any ideas on why my payments are so much on such a small amount?

Also, can anybody answer how I obtain the amount which I have been charged over the years with arrears letters costing £35 to £40 a time, would an annual statement show this, or do I ask for something else?

Thanks

Carol

EdInvestor

How are the endowments doing? Will there be a shortfall when you have to pay the mortgage off in two years' time?

cazziej

Hi Ed, no thankfully both endowments are on track to pay off the mortgage with a small residue.

Thanks, Carol.