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Paying-Off Endowment Mortgage
tonome
Posts: 69 Forumite
If I pay-off the capital on my endowment mortgage, can I continue the endowment policy and if so, are all the benefits of the policy still in place eg life cover? Are there any catches or does it continue just as if the mortgage was still going?
Thanks - Tonome
Thanks - Tonome
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Comments
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The endowment is totally separate from the mortgage. So long as you continue paying, there are no catches - apart from the perennial 'poor returns/high costs' that is.I am a Mortgage adviser
You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
The only change would be that if you made a successful misselling complaint, redress would only be calculated up to the time you paid off the mortgage.Trying to keep it simple...
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Surprise surprise, the mis-sold complaint was rejected! Isn't that a turn-up for the books?
Thanks - Tonome0 -
Surprise surprise, the mis-sold complaint was rejected! Isn't that a turn-up for the books?
Seeing as the majority were not mis-sold then its not a surprise if you look purely at the odds as a total.
It is also wrong to assume all are bad. There are some pretty awful examples out there but there are also some very good ones.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 -
My policy was sold 1987 and I was promised THE WORLD and absolutely NEVER told that there was a risk! Most definitely mis-sold.
I suppose now looking back - it was one of those "if it's too good to be true, then it isn't true" situations!
Thanks - Tonome0 -
My policy was sold 1987 and I was promised THE WORLD and absolutely NEVER told that there was a risk! Most definitely mis-sold.
I suppose now looking back - it was one of those "if it's too good to be true, then it isn't true" situations!
Thanks - Tonome
Is yours really doing that badly Tonome?
It might be worth getting a true figure for where it is and not just the standard projections that have to be provided. You never know, your policy may turn out to be doing okay.
Just a thought.Gordon Brown ate my hamster0
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