Old endowment and pension pot.

Tigercub_uk

Hi
I was wondering if anyone could give me a bit of their insight. I have owned my house with mortgage for almost 25 years, originally was taken out via endowment mortgage of 34500 and some cash to meet the buying price. but have since remortgaged with a slightly longer term for a part repayment and part endowment covered mortgage, term now ends 2025 and between two parts stands at 47500. I have also a pension pot which can take lump sum in four years time which would cover the part which is not repayment type, the poriginally covered endowment /interest payment part, pension pot last year valued at 36,000. My originally slightly underperforming endowment ends at the end of March for around 29,000. I have requested the pension company to write me how much is in the pension, so could show to mortgage lender if necessary. I have existing mortgage arrears of 1500 which have been paying back at 60 a month over the top of payments. I am almost 51 and lost my job last autumn but still have made the mortgage and endowment payments. There is a endowment loan of a years worth of payments which as long as no more were missed would not cancel the policy. Last payment of endowment came out yesterday. I cannot see anywhere on the endowment policy that it has been assigned or written any other company. The endowment company have written me asking me about details to get ready for payment. There is a form which am slightly nervous about as one of the options is - assigned to another person or company, answers were has never been absolutely assigned to another company, or this policy has been assigned and a deed of asignment is requested. Then in next section question is assigned by way of mortgage to another person or company, either this policy is not assigned by way of mortgage to another co, where applicable to inc a letter of no further interest or deed of assignment from your lender. or this policy is assigned by way of mortgage to another co and i have asked them to make or join in claim and forward on deed of asignment in their favour.
Since losing my job last year i have not spoken to mortgage co as before informal agreement which they wouldnt enter into an official arrangement for the extra 60 to cover the arrears and instead i was being monitored that was able to pay the extra 60 towards arrears. Prior to getting the last job which lasted 16 months, they were at point of nearly issusing repossession stuff due to the arrears of 2500 ish i think it was. I would like if possible to have most of the endowment now which would considerably help me, can clear off the arreas, put some in isa's or something like that, catch up with other things round house that have been falling apart whilst struggling for such long time whilst arrears have been over my head amongst other smallish debts, also want to get a better banger than my 15 year old car which is hanging on by thread at mo and plan would be that the pension pot which is available in four years could clear off mortgage. I am not sure how to answer the form, scared of phoning mortgage company as not working and they might want all the endowment, being not working will be hard to redo any of their forms, as they usually like 6 months clear of no hassles, bank statements, job security etc. I am also thinking that if am allowed to have endowment it would give me the options to perhaps take an easier job. I dont have creditcard or bank debt, but there are others smallish, can clear those off. my loan to value of mortgage is really really good, house prob about or close to 300k now but mortgage only 47500 left.
Any help would be appreciated as am floundering on how to handle this, am single lady, no kids and usually the jobs i get are around 22k with a lot of hours for that. Would like to perhaps sort the house out and might get a lodger friend to rent a room and share some of the costs etc., if one of mates needs room or someone i know only though once things more settled and sorted out for me. I have other smaller pension pots and would still have time to save some up after mortgage eventually cleared, either if want in 4 years via pension lump payment or keep on til the expiring date of 7 more years for some of it.

dunstonh

You may want to edit your post to make it readable. A great big chunk of text like that is going to put people off from responding.

silvercar

Condensed version of OP.

1. Endowment maturing but doesn't know if it is assigned to the lender.

2. some mortgage arrears

Mortgage part interest only, part repayment. Total outstanding 47,500. Endowment should bring in 29k lump sum pension in 4 yrs 36k. Mortgage term now ends 2025. House value 300k.

Single lady no dependents, income when working 22k.

Advice reqd:

a) is it safe to contact lender to find out if endowment is assigned?

b) assuming it isn't assigned she would like to spend it on house repairs (overdue) replacing old car (overdue) and reduce hours. Is this sensible?

Tigercub_uk

Thanks silvercar, I do tend to panic and give more of a story/waffle than nec.