Delayed red alert on endowment
- We should have sent you a Mortgage Endownment Review, but didn't because of an error on our part.
- The letter would have explained that your endowment policy has moved to a red alert status. That means that there's a high risk of your policy not paying the target amount to help pay off your mortgage.
- Please contact us if you would have taken action if we'd sent you the Review.
We're on a part-and-part mortgage. We'd already been making overpayments on our mortgage (until the interest rate increases made these unsustainable), and hope to resume these if the interest rate ever goes down again. Once the endowment matures (December 2026), we'll look to move to a repayment mortgage, and should be able to get a much better deal than we're on currently.
Is there anything we should consider doing differently in light of the new information about our endowment? And is there anything we should be asking of our endowment provider, as it seems like it's taken them two years to let us know about the red alert status?
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