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changing endowment mortgage problems
simonc301
Posts: 1 Newbie
looking to change my mortgage , I have two at the moment one a fairly recent repayment and the other a endowment both with nationwide. i want to change and get better deal , to get my money from the endowment which is with legal and general I need a letter from nationwide saying they have no interest in it and its ok , nationwide wont give me a letter because I guess they are due the pay out when it matures , but surely I should be able to change mortgage companys ? any advice welcome , I am getting a mortgage adviser to sort it out but havnt spoke to him yet .
0
Comments
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I think you are mixing up two different things.
Swapping the mortgage, and cashing in your endowment.
I've previously swapped a mortgage which was (theoretically) backed by an endowment.
When a couple of mortgage swaps later, eg with a completely different mortgage company, and the endowment was maturing I had to get a letter from the original mortgage company saying they had no interest in the endowment any more.0 -
If you switch lender then the endowment would become redundant if you switched to a repayment mortgage. Though you wouldn't be able to release the funds prior. Only after.0
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