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Release of endowment funds end of mortgage
Ca1vados
Posts: 11 Forumite
If you are coming to the end of your endowment mortgage, do some homework several months before.
My mortgage was an in-house with Barclays and their endowment policy.
As we all use specialists, be it a doctor, plumber or a finance "expert". I thought 25 years ago, I was talking to the right person.
They painted a wonderful picture of having their endowment mortgage. This would comfortably pay off my mortgage and leave me with plenty in the bank.
As it happened there was a £20K shortfall on a total of only £60K
I could not believe that such a company could fail to cover my investment. What a joke.
As the mortgage came to an end, being in-house, I thought it fair to assume all parties would bring all dealings to fruition on the due date. I paid in the shortfall did the endowment division? Not so, their endowment people were said to not have given the mortgage people the correct information on due dates. I was left with several days of the money not being paid over on time and for the privilege was charge extra daily interest. What a !!!! up.
So if yours is coming to an end, contact all parties and make sure there is no over run for you to incur extra costs. And this lark on termination fee is a total con in my opinion.
My mortgage was an in-house with Barclays and their endowment policy.
As we all use specialists, be it a doctor, plumber or a finance "expert". I thought 25 years ago, I was talking to the right person.
They painted a wonderful picture of having their endowment mortgage. This would comfortably pay off my mortgage and leave me with plenty in the bank.
As it happened there was a £20K shortfall on a total of only £60K
I could not believe that such a company could fail to cover my investment. What a joke.
As the mortgage came to an end, being in-house, I thought it fair to assume all parties would bring all dealings to fruition on the due date. I paid in the shortfall did the endowment division? Not so, their endowment people were said to not have given the mortgage people the correct information on due dates. I was left with several days of the money not being paid over on time and for the privilege was charge extra daily interest. What a !!!! up.
So if yours is coming to an end, contact all parties and make sure there is no over run for you to incur extra costs. And this lark on termination fee is a total con in my opinion.
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