Joint Endowments

Chezell

Hello, I am very new to this,
(1st computer ever and my 11yr old has taught me everything i know about the internet)
so i am not sure if this is the right thing to do, but here goes...
Ex left about 2 years ago (for another), didn't know anything about the mortgage/ endowment, as he dealt with it all, I have since found out that it is on a SVR, and am going to change it to a one of the better deals, the endowment is underperforming (like most, I suspect) and so I have saving plans in place to cover the shortfall,
1
But if I take out a new mortgage on my name only, What about the JOINT endowment,

Can I change this to my name only?

Will I need to take out a new one?

dunstonh

the endowment is underperforming (like most, I suspect)

How do you know? Many are not. You can still get a red projection letter on an endowment that is above target. It is never safe to assume that you have what others have. Endowments cover a range of options, features, funds and charges. Some are good, some are bad. Dont assume yours is bad because someone elses is.

and so I have saving plans in place to cover the shortfall,

Good idea regardless of the endowment performance.

But if I take out a new mortgage on my name only, What about the JOINT endowment,
Can I change this to my name only

The endowment can be assigned to you only. It will need the signature of the other party to agree it.

Will I need to take out a new one?

No, certainly do not do that. Although there are hardly any providers of mortgage endowments left.

FOSman

You might want to keep your ex on the policy as his life is insured. If something unfortunate was to happen to him, then the death sum assured should be payed out. It might however lower the cost of life cover on the policy if you have him removed.