Possible problems with endowment mortgages?
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fran
Apprentice
Joined: 05 Apr 2006
Posts: 8
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 Posted: 07/26/08 - 05:00 Post subject: |
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| Is it possible that I may be facing a problem with endowment mortgage? I signed the endowment policy back in the 1980s and it seems to me it may not be enough to repay my mortgage. I do not know what I am supposed to do, if it is really so, I will be facing some serious trouble. Many thanks |
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francklyn
Apprentice
Joined: 09 Jul 2007
Posts: 7
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| Posted: 08/24/08 - 21:15 Post subject: |
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| Well, unfortunately, you may be facing a serious problem with your endowment.That one is called endowment shortage. The best way to find out if you are really having difficulties with paying off your mortgage is to contact the insurer and ask for the reprojection letter. From this letter, you will find out whether the funds of your endowment contract are enough to cover the mortgage as well as the amount of the possible shortfall. If you are at risk of shortfall, your letter will be amber or red, so if you receive a letter like that, expect the bad news It happened to many people unfortunately, so there were many complaints |
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