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LV mortgage endowment shortfall
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cazsussex
Posts: 1 Newbie
Can someone please give us some advice in 2003 following a full financial review a shortfall on our mortgage endowment was identified what's the problem I hear you say well, we were not informed instead two small savings plans were sold for our children! Late last year when we received mortgage statement we noticed shortfall. When we contacted them they said that even though the advisor identified shortfall he was unable to advise us because at the time they said they no longer sold the low cost endowment policies. We have contacted them and they have made an ex gratis offer of £1750 the shortfall is likely to be between £3500 and £5000. The mortgage ends next January.
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Use the payment to reduce the mortgage, maintain your mortgage payments at the same level and start saving. You have between 1750 and 3250 to find 200-400 a month to find or possibly take a loan for a few years.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
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