endowment shortfall, how should I finance it?

cripin

My royal london endowment taken out in 1992 for £36,300 to pay my morgage off in 2012 is now according to a letter Ive recieved from the royal london going to be £6600 short, I do intend writing to the FSA and complaining but I would really appreciate any advice on how best to save/pay off this shortfall.

EdInvestor

You can pay extra money into the mortgage.

You can surrender the endowment and pay that money into the mortgage to reduce it as well.

You can remortgage to repayment.


There is no point in writing to the FSA.If you feel you were missold, complain in the first instance to Royal London.This website offers some pointers on how to tell if you were missold:

https://www.endowmentaction.co.uk

herbiesjp

If you re-mortgage to repayment, you could convert only the shortfall figure onto the repayment basis, as opposed to the whole mortgage, if this helps.