Pension Linked Mortgage - Pensions not paying out

Stammers

We took out a pension linked Mortgage with Northern Rock.
Northern Rock transferred it to NRAM (after they went into difficulties) and then to Landmark.
Landmark are now hounding daily with threat of repossession despite still paying mortgage every month so there's no arrears.
Pensions are not paying out as say they have not "matured" so consequently can't pay off the monies due until this happens.
Mortgage came to end of term in Jan 2016. Pensions were due to pay out over a year ago.
Any ideas on how can we deal with this as Pension providers will not pay the money due despite it being well over due.
Landmark want their money and will not negotiate a deal to help sort despite the money being there, but unable to get hold of due to pension providers. House is on the market, but there's just no interest so can't even sell. The main problem also is there is lots of equity in the house so Landmark just see that as the way to get their money and will not negotiate any terms. Also bear in mind that Landmark were not the company whom we originally took the mortgage, they are simply interested in recovering the full amount of money due.

Thrugelmir

What's the nature of your pension arrangements?

dunstonh

Landmark are now hounding daily with threat of repossession despite still paying mortgage every month so there's no arrears.

Technically you are in arrears as such as you agreed to pay them in full at the end of the mortgage term. As they never received full payment, that puts you in a form of arrears.

Pensions are not paying out as say they have not "matured" so consequently can't pay off the monies due until this happens.

Pensions can be matured any time between 55 and 75. Are you within that range?

Any ideas on how can we deal with this as Pension providers will not pay the money due despite it being well over due.

What reason are they giving?

Stammers

Simply that the pensions have not matured.


OK so if you view it as a form of arrears should someone not be trying to sort this out? They still take the monthly payments.


What is need is a way to resolve the situation as it was a pension linked mortgage so surely if the pensions have not been received there must be some agreement to go forward with?

Stammers

Thrugelmir wrote: »

What's the nature of your pension arrangements?

syndicated property investments under a SIPP...

HappyHarry

Stammers wrote: »

syndicated property investments under a SIPP...

Can you expand on that?

Was the pension invested like this at the time the pension linked mortgage was set up?

This appears to be more a pension issue than a mortgage issue (which seems cut and dried), so may be best to move to the pensions board.

Stammers

HappyHarry wrote: »

Can you expand on that?

Was the pension invested like this at the time the pension linked mortgage was set up?

Yes it was.


Trouble is Landmark wont wait for the pensions to mature, and the pensions wont pay out as they say they are not mature.


So which is at fault? Pensions for not paying out, or Landmark who brought up the mortgage to get a return and are disregarding the original terms of the mortgage as it was not with them....?

dunstonh

Simply that the pensions have not matured.

Pensions do not mature unless you ask them to. That can be done any age between 55 and 75.

syndicated property investments under a SIPP...

That does not sound positive. I can imagine HappyHarry is thinking the same as me now.

Are these property investment funds are actual physical property/buildings? is this property in the UK or overseas?

My thinking, based on very little info at the moment, is that its not the pension that is stopping this but the investments within the pension. You do not hold conventional pension investments. These are weird, possibly unregulated investments and possibly a scam in the worst case scenario.

How long ago was this SIPP and investments put in place as a SIPP is not something you usually see with a pension mortgage as most pension mortgages had stopped being sold by the mid to late 90s.

amnblog

Are you not old enough to take pension benefits (i.e. under 55)

Stammers

Are these property investment funds are actual physical property/buildings? is this property in the UK or overseas?

My thinking, based on very little info at the moment, is that its not the pension that is stopping this but the investments within the pension. You do not hold conventional pension investments. These are weird, possibly unregulated investments and possibly a scam in the worst case scenario.

How long ago was this SIPP and investments put in place as a SIPP is not something you usually see with a pension mortgage as most pension mortgages had stopped being sold by the mid to late 90s.[/QUOTE]


The investments are in Poland from what I know. I cant give an exact date, but you are talking about a significant time ago that the pensions and mortgage were taken out.


So reading between the lines what you are saying is that these are unregulated investments so I don't have anywhere to go to complain or chase up the money or settle the mortgage issue ie the pension ombudsman or financial ombudsman. However, surely the bank would not have loaned the money if it was and "dodgy" scheme?

TrickyDicky101

I would be a heck of a lot more worried that you actually don't have any investments of any value rather than worrying about the mortgage provider. Who advised you on these pension scheme investments in the first place? Poland?!?! Did that not ring alarm bells?