Joint interest only Mortgage but only one person with endownment

kerry1311

hi
I was wondering of anyone could give some advice.

My Mum and Dad took out a 25 year mortgage in 1992 through a mortgage broker. My Dad was nearly 58 at the time so the endowment was very expensive to have him named on it so the broker advised them just to have my mum named on it instead.

Unfortunately my Dad died 2 years later so as my dad wasn't covered by the endowment my Mum had to continue with the mortgage.

It is only just now years later that we have got a copy of the mortgage paper work and it clearly states on the mortgage offer from the Lender that "the following policies are to be used in conjunction with the mortgage and must be deposited with the title deeds." It then states the endowment details and names of my mum and dad and maturity date. Also on the mortgage form it states that "a copy of the endowment acceptance letter is required before a mortgage offer can be issued." Once again it states the policy in both names etc.

Has this been mis sold by the broker? He was the one who advised them not to have it?

Many thanks

Thrugelmir

kerry1311 wrote: »

Has this been mis sold by the broker? He was the one who advised them not to have it?

Doesn't mean you follow the advice if you know it to be wrong. People will often do anything to get what they want, in the process exposing themselves to considerable downside. As a consequence people have to accept responsibility themselves as well. Not look to blame elsewhere when matters do go awry.