Abbey Life Mortgage

Saltydog63

New to this site - advice needed please.
I took out an Endowment Mortgage with Abbey Life in 1991 over a 25 year period. Abbey Life because the vendor of the house I was buying from was an agent for them (yeah - I'm a little less naïve these days!). I subsequently changed this to a repayment mortgage with another lender in 1996 but had to take it out over an extra five years to make similar payments.
My question is, has anyone else had success in claiming anything from Abbey Life and if so, who do I contact and how do I go about it? Is it still a viable option after such a long time?

Thanks

dunstonh

My question is, has anyone else had success in claiming anything from Abbey Life

What exactly would you be claiming?

Is it still a viable option after such a long time?

if you have a complaint about the sale then AL can timebar that complaint under the 3 year/6 year rule. It is more than 6 years from the purchase and more than three years from being reasonably aware of an issue? If both are met then it can be timebarred. In your case, both are met.

Endowments didnt fall short until around 2000 and the endowment issue was a 2000-2009 issue. You got rid of yours four years earlier. So, it cant be a complaint about falling short. So, what is it?

I subsequently changed this to a repayment mortgage with another lender in 1996 but had to take it out over an extra five years to make similar payments.

AS you only had the mortgage 5 years, it is unlikely that it was the issue. You pay little off in early years of a repayment mortgage. After 5 years, the AL endowment would have accrued a value. If used to reduce the balance, you would be slightly worse off on an endowment mortgage. However, not an amount that needs the term extending 5 years though.

Endowment mortgages were cheaper than repayment mortgages. So, moving to repayment would increase the cost. Although again, not by 5 years worth. So, it is likely a combination plus a change in interest rate is more likely.

Saltydog63

Thanks for the reply.