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Endownment Questions
Nicky.S_4
Posts: 8 Forumite
Hiya :beer:
My husband and his then wife wanted to buy their ex council house, for £16,500 in 1996, they sought out advice and were put in touch with an agent who advised them that the only mortgage they would be able to get would be an endownment, with life cover, due to their joint low incomes. They asked about repayment mortgages, but, again, were informed that they wouldn't be able to get one, for the above reasons. Being naive in the ways of mortgages, and also very young, they promptly signed on the dotted line.
Hubby has since married me, we've taken out a remortgage, for £22,500, with a different lender, and switched to a repayment mortgage - we now have 11 years to go before we're mortgage free, we've kept the endownment going .
Would we be able to claim the endownment policy was mis sold? Even though the agent is no longer in business? What about time limits? And also, sorry, are we doing the right thing keeping the endownment going - considering that we'd have to take out a life insurance policy for my husband if we cashed it in?
Any advice, on either or both issues would be greatly appreciated.
Many thanks
My husband and his then wife wanted to buy their ex council house, for £16,500 in 1996, they sought out advice and were put in touch with an agent who advised them that the only mortgage they would be able to get would be an endownment, with life cover, due to their joint low incomes. They asked about repayment mortgages, but, again, were informed that they wouldn't be able to get one, for the above reasons. Being naive in the ways of mortgages, and also very young, they promptly signed on the dotted line.
Hubby has since married me, we've taken out a remortgage, for £22,500, with a different lender, and switched to a repayment mortgage - we now have 11 years to go before we're mortgage free, we've kept the endownment going .
Would we be able to claim the endownment policy was mis sold? Even though the agent is no longer in business? What about time limits? And also, sorry, are we doing the right thing keeping the endownment going - considering that we'd have to take out a life insurance policy for my husband if we cashed it in?
Any advice, on either or both issues would be greatly appreciated.
Many thanks
0
Comments
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please dont duplicate.
Mods please merge this post with the one in the endowments forum.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
I'll move this thread over for the Mortgages BG to merge.The early bird gets the worm but the second mouse gets the cheese :cool:0
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