Shortfall on Endowment Mortgage

stumpy57

My endowment is almost mature and my mortgage ends in July. I will be about £10-12,000 short and Im not sure how to approach this. Wondered if it would be best to get a loan or try to extend the mortgage, I'm 63.

CampingMad

When endowments hit the headlines quite a number of years ago your provider was duty bound to inform you of possible shortfalls and if there were any you were entitled to compensation, can you remember if contact was made at all 

SonOf

 I will be about £10-12,000 short and Im not sure how to approach this. 
Endowments have been running short since around 2000.  So, the time to do it cost effectively was back then.   A second chance came with the credit crunch when interest rates fell allowing you to easily overpay or put aside a bit more each month.   That isnt going to help you now but there may be a few people who have buried their heads in the sand but still have time to do something about it.

In your case, the lenders will often convert the shortfall to repayment basis over 5 years.  Or you can use your savings of future pension lump sum.  Or sell and downsize.

When endowments hit the headlines quite a number of years ago your provider was duty bound to inform you of possible shortfalls and if there were any you were entitled to compensation, can you remember if contact was made at all 
The duty is the provision of the annual statement which included projections (whether in a shortfall or surplus position).