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Santander/Abbey National endowment shortfall
MickeyD_2
Posts: 10 Forumite
Hi guys,
Apologies if this is a bit long-winded, but I'll try and explain myself as clearly as possible!
Mum and dad took out an endowment mortgage with the Abbey National many years ago, and both the mortgage and endowment are to mature next year, the latter with a shortfall.
Complaints about mis-selling were made to the broker involved and the FSA about the endowment around 2006/2007, but for reasons I won't go into at the moment, it was not upheld.
Due to financial constraints, they were unable to make any further repayments/change the mortgage structure in order to clear the mortgage debt by maturity. As it stands, there is potentially between a 25-30k shortfall when the endowment matures.
I wonder if anyone could provide some information with regards to where they may stand to getting a new/(re)mortgage to cover the aforementioned shortfall, and the steps they should undertake next.
Hopefully, I've managed to cover this in enough depth for some understanding, but I do apologise if I have not.
Many thanks for your time, help, and understanding with this issue!
MickeyD :j
Apologies if this is a bit long-winded, but I'll try and explain myself as clearly as possible!
Mum and dad took out an endowment mortgage with the Abbey National many years ago, and both the mortgage and endowment are to mature next year, the latter with a shortfall.
Complaints about mis-selling were made to the broker involved and the FSA about the endowment around 2006/2007, but for reasons I won't go into at the moment, it was not upheld.
Due to financial constraints, they were unable to make any further repayments/change the mortgage structure in order to clear the mortgage debt by maturity. As it stands, there is potentially between a 25-30k shortfall when the endowment matures.
I wonder if anyone could provide some information with regards to where they may stand to getting a new/(re)mortgage to cover the aforementioned shortfall, and the steps they should undertake next.
Hopefully, I've managed to cover this in enough depth for some understanding, but I do apologise if I have not.
Many thanks for your time, help, and understanding with this issue!
MickeyD :j
0
Comments
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If they haven't had the free funds to repay anything during the past 6 years. What's changed to improve the situation. The point at issue is the debt needs to repaid. With interest rates falling to all time lows. Would a mortgage even on an interest only basis be affordable in the longer term?0
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