Old endowment policy

Ccjadvice

My parents have both recently passed away, while looking through their paperwork I have discovered that in 2002 they took out a 10 year endowment mortgage with Abbey national, they then remortgaged with another bank in 2011.

 Both of these mortgages were interest only, on the paperwork I have found for the remortgage it also says they had an endowment plan for 28000, however this is the only paperwork from each bank that mentions anything to do with endowment.

I am almost certain the 10 year abbey national one did not pay out as they would have mentioned having received a lump sum of money and I know the remortgage bank paid money to abbey national to pay off the mortgage with them. I have no idea when they stopped paying their endowment policy though I became poa for them about 5 years ago and know they were not paying anything towards these endowments then.

I know nothing about mortgages or endowments but from what I can see online stopping paying does not actually stop you being able to claim an endowment unless they use the endowment to continue collecting premiums, is this correct? 
Although I pretty sure that any life insurance attached to it will not be valid as they stopped paying.
If this is the case is it worth looking into to see if there is anything remaining that can go towards the mortgage and if so how do I go about this when I literally have no information other than what is kentioned above?  

Can anyone offer any advice please? 

fewcloudy

My last endowment started in 1998 and even by 2000 I realised it was pretty unlikely to pay out what it was meant to (later got compensated). Therefore I’m surprised they could still buy one in 2002?
I also wouldn’t expect anything if they stopped paying into it before it finished. I thought they only realised their value at the end of the term.
The rest I can’t help you with, although asking Abbey (Santander) might be a starting point.

dunstonh

My parents have both recently passed away, while looking through their paperwork I have discovered that in 2002 they took out a 10 year endowment mortgage with Abbey national, they then remortgaged with another bank in 2011.

They would have taken out an interest only mortgage with Abbey.   The endowment, if there was one, would have been with someone else.

An endowment policy in 2002 is extremely rare.  Indeed, there were only a handful of providers left at that time with the last mainstream provider pulling out in 2004.  

I am almost certain the 10 year abbey national one did not pay out as they would have mentioned having received a lump sum of money and I know the remortgage bank paid money to abbey national to pay off the mortgage with them. I have no idea when they stopped paying their endowment policy though I became poa for them about 5 years ago and know they were not paying anything towards these endowments then.

Abbey National was never an endowment provider.  There wouldn't have been an abbey national endowment policy.

I know nothing about mortgages or endowments but from what I can see online stopping paying does not actually stop you being able to claim an endowment unless they use the endowment to continue collecting premiums, is this correct? 

That is not correct.

Assuming there was actually an endowment policy and payments ceased, then it would either be surrendered, lapsed without value or, if there was a value and it was chosen not to surrender, the the life assurance costs could be taken from the fund until the fund ran out.   On a 10 year plan, that would not be feasible.

I would hazard a guess that there was never any endowment policy and your parents just told the lender there would be.  2002 was right in the middle of the period where banks were not giving advice and just took instruction from the borrower.