Oh Lord, TOTALLY confused now-help please!

MarilynLovesEvan

I started a thread a few days ago asking for a bit of guidance re sorting out a new deal with the same mortgage company that I am currently with.

I also spoke to a Financial Advisor who couldn't work out how her figures didn't add to the same as mine when working out the best deal.


In the meantime the new mortgage offer came through the post and I noticed instead of the endowment saying 36k the bank seem to assume it's 47k.


I phoned the bank just to double check and yes, it IS 47k in endowments I am supposed to have, not 36k.

_pale_

How on earth that has happened I don't know.

I currently pay £750 a month on Repayments (6 years 10 months left - have added more and more over the years to improve house) and £36 +£11 on my endowments.

So, am I going to get in trouble with the bank? I am happy to start another small mortgage in 6 years 10 months if need be to cover the rest but am at the very top of my mortgage budget and cannot afford to pay any more.

Any help would be greatfully received as I feel sick at the moment._pale_

kingkano

You won't 'get in trouble', because YOU are responsible for making sure you can clear the debt at the end. If you were advised on taking out the endowments and they have got the amounts wrong you may have a claim for mis-selling? Thats not my forte sorry....

You will either have to take another remortgage or make other provisions to somehow repay the capital at some point. To be quite honest lenders will allow you to have the entire amount as interest only with barely any enquiries as to how you will repay in this day and age. I DO NOT RECOMMEND this however.

You should probably talk to you mortgage advisor with this new information and take their expert advice, thats what they will get their commission OR you will pay them for.

HTH

MarilynLovesEvan

Thank you, my head is spinning at the moment.

We have had 36k endowments (30+6) for nearly 20 years and as far as we know we have always told the bank it's 36 and not 47. When I phoned the bank one of the chaps said it says 47 on all of your yearly letters - trouble is we thought that was the Repayments amount (as you can guess I'm not very hot on figures). We pay £36 a month on 1 and £11 on another so I'm guessing that the bank mistook this as us saying we have a £36k and an £11k endowment.

So, can I say yes to the new deal although I am now aware that we only have a 36k rather than 47k endowment as long as I am happy to pay it off in whatever way I can (small new loan or debt free if Great Aunt Edna pops her clogs and leaves everything to me instead of Tibbles the cat).

Thank you SO much for the advice - it's not been a great week - our drain blocked yesterday and I am now lighter in my pocket by £170