Please can someone help - 25 years ago I took out an endowment mortgage. I am 60 this year and my mortgage comes to an end in August 2013
Fifteen years ago I remortgaged with another building society - interest only mortgage as I already had my endowment.
Found out years ago that my endowment had a dreadful shortfall - did get £3000 as compensation but had to use that to pay some debts off. My endowment ends on July 2013 and I have been worried how I will pay off the mortgage with a shortfall of thousands.
But when I checked my annual mortgage statement today which is dated from 1 Jan 2012 to 31 Dec 2012 it then says at the bottom that there is 1 year 8 months left on the mortgage - so presumably this means that I don't have to pay off my mortgage until 2014. When I checked through previous statements it looks as if there is the mistake of the extra year.
I'm relieved because it looks as if there is another year's grace for me - I thought I would be homeless this year instead of next!
However, will this work in my favour as the endowment ends in August this year and it looks as if the mortgage ends in July 2014. As I have a shortfall will this work in my favour - what shall I do with my lump sum of endowment or will they automatically send it to the building society - I don't think it is linked to the present building society mortgage now but it was to the original one with the other company.
Should I tell the building society they have made a mistake or just sit it out - I will now be 61 by their account when the mortgage comes to an end. Any advice much appreciated.
Fifteen years ago I remortgaged with another building society - interest only mortgage as I already had my endowment.
Found out years ago that my endowment had a dreadful shortfall - did get £3000 as compensation but had to use that to pay some debts off. My endowment ends on July 2013 and I have been worried how I will pay off the mortgage with a shortfall of thousands.
But when I checked my annual mortgage statement today which is dated from 1 Jan 2012 to 31 Dec 2012 it then says at the bottom that there is 1 year 8 months left on the mortgage - so presumably this means that I don't have to pay off my mortgage until 2014. When I checked through previous statements it looks as if there is the mistake of the extra year.
I'm relieved because it looks as if there is another year's grace for me - I thought I would be homeless this year instead of next!
However, will this work in my favour as the endowment ends in August this year and it looks as if the mortgage ends in July 2014. As I have a shortfall will this work in my favour - what shall I do with my lump sum of endowment or will they automatically send it to the building society - I don't think it is linked to the present building society mortgage now but it was to the original one with the other company.
Should I tell the building society they have made a mistake or just sit it out - I will now be 61 by their account when the mortgage comes to an end. Any advice much appreciated.