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Endowment redemption fee
jcdel
Posts: 9 Forumite
Well we've got over the freehold/leasehold bit and now we're struggling with an endowment plan.To condense:We took out a mortgage for £19950 in 1987 with the help of a top up mortgage via Royal Life for the balance i.e £2195.We are now selling and our solicitors have received figures from both mortgages reference redemption.The endowment mortgage(top up) matures in July of this year leaving a shortfall of £185.Possibly we are thickos but we assume that in five months time,we will owe £185 having paid for 21 years.The figure given to our solicitors is £4,564 to settle.We are confused and Phoenix (Royal Life/Sun Alliance etc. etc.) don't seem to have the answers.I have obviously instructed our solicitors to withhold payment until the matter is resolved.Since 1987,we have had nothing but problems with this plan.As always any info greatly appreciated.
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Comments
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The mortgage is one thing, the endowment(s) are another. Treat them individually.
Does the mortgage contain any early redemption penalties?
Can you confirm the anticipated endowment maturity value and the mortgage redemption value?I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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