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what happens when endowment is finished?
lexi
Posts: 267 Forumite
hiya,
my mortgae finishes may 09. i have an endowment policy which last sept was on track with a possible profit, so hopefully i will still be one of the lucky ones come next year! However although i have 13 mths to go, i wondered what happens when i get close? Do the bank contact me & ask fo payment or does the endowment agency issue me with a chq & i then pay the outstanding debt? I want to get my head around it just incase its not a quick 'fix'. Any help appreciated. cheers lexi.
my mortgae finishes may 09. i have an endowment policy which last sept was on track with a possible profit, so hopefully i will still be one of the lucky ones come next year! However although i have 13 mths to go, i wondered what happens when i get close? Do the bank contact me & ask fo payment or does the endowment agency issue me with a chq & i then pay the outstanding debt? I want to get my head around it just incase its not a quick 'fix'. Any help appreciated. cheers lexi.
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Comments
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Have you remortgaged since you took out the initial deal?Trying to keep it simple...
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no. i took out a 16000 endowment mortgage 25 yrs ago & thats it.0
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As he is with the same lender then its not a problem. If your endowment is an old one then they used to be assigned to that lender. So, if lenders have changed over the years the assignment usually doesnt and that can hold things up. However, that isnt applicable in this case.
The endowment provider will contact you a few months before maturity and take you through the maturity process. The lender will contact you letting you know you have to pay the mortgage balance.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 -
so the 25 year mortgage ends at the same time as the mortgage.....
i have extended my mortgage, past the 3 endowments that i have, they mature in 2011 and 2012, yet the mortgage continues until 2019,
so in my case, once the endowments have matured, i will pass the payment onto my mortgage company,
in your case, i would suggest contacting your mortgage company and enquiresmile --- it makes people wonder what you are up to.... :cool:0
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