Hello Anon Hello Cosmo, there is a 14 day rule in the industry that almost all lenders adhere to. If the payment is late but arrives within 14 days of the due date no record of that missed payment is recorded. However if the payment is late past 14 days there is a record kept on file which never disappears. This can be a problem if in the future you are looking to refinance with that lender and they find out there are many lates on their file. They may just decide that they are not going to take a risk. The good news is that mortgages in Canada are not reflected on your credit bureau so if there is a problem another lender will not have access to this info and your approval will be based on your credit bureau instead. One thing to remember that banks will send the file to their legal department if a payment is not made after 60-90 days. Any legal costs the bank incurs (even if you bring the mortgage up to date) will most likely be forwarded on to you. Call the bank today and make sure they know of the situation, they may be able to help with programs like skip a payment, or extending your amortization to lower your payments. If you or any reader would like more information please do not hesitate to give me a call at any time. Abraham Niyazi - Mortgage Agent - Lic# M08010640 - Centum One Financial Lic# 10758 - Cell: 416-993-4082 - Office: 1-866-RATE-708 - http://www.centum.ca/abraham_niyazi/ I have access to many Banks/Lenders across Canada and have 11 years experience in the industry.

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Although my interest repayments have reduced dramatically since the interest rates have gone down, my endowment policy is not getting any bonus added to it, i already had a £7000 shortfall on my endowment can anyone sensible give me some advise as what to do , i have 9 yrs left on my mortgage and endowment

Make sure you seek competent financial advice before you cash in any endowment policy. Most endowments are "with profits". This means that most of the expected gain is added on at the end. If you cash it in early you may lose out significantly. You have to weigh up whether your premiums for the next nine years can earn more than the benefits that you have already earned but that would be lost because they are only payable at the end. The exact advice depends on too many factors, including what actual endowment product you have. In general terms the options are: 1. Continue paying into the endowment, and take out another investment or savings product that is expected to cover the shortfall (or use existing savings). 2. Cash in the endowment and invest the proceeds into another investment or savings product that is expected to perform better. You will probably also need to continue paying a premium that may be more than your current premium to cover the shortfall. 3. Leave the endowment as it is, but increase your mortgage payments so that the expected shortfall will be paid off over the next 9 years. 4. Some combination of 1, 2 and/or 3. IE higher repayments and an additional investment. 5. Similar to 4, but remortgage over a longer term to give your endowment a chance to "catch up", or to give a new investment time to mature, or to allow enough time for additional mortgage repayments to cover the shortfall. 6. Forget the endowment - if you get something from it think of it as a bonus. Start a new 25 year repayment mortgage from scratch. 7. Take a risk that over the next 9 years the stock market will pick up and your endowment will catch up on its own. When you took it out it will have been calculated to be enough based on expected average performance each year. We've had a few bad years, but there may be some good years to come to cancel those out. Obviously if this doesn't happen you may be stuck. At least if you do something now and it turns out to have been too much you will have the extra return to spend on something else when the time comes. I think that covers the basic options. Which is best for you can only be decided on the advice of a financial adviser who has details knowledge of all your circumstances.

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After 20 years we now find that our mortgage wont be finished in 5 years a we hoped its devisating when you are getting old to find this out can anyone advise me in a helpful way please

1 option.. Find out exactly what the minimum guaranteed amount your policy will pay out. Contact your mortgage lender and ask them to change your mortgage so that the minimum guaranteed amount is on interest only and the rest is on repayment. Your monthly repayments would be a bit higher than they are now but you will have fully repaid the repayment part at the end of the term and the endowment policy will take care of the interest only part. If the payments are then too high you can see if you can review your mortgage to another product for a lower rate and do the same with the interest only and repayment amounts.

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This policy was for a mortgage taken from friends provident, but i have now converted to a repayment mortgage. i was planning on keeping the policy as a saving plan but after the last statement, am i throwing my money away? policy started 1998 runs to 2022. paying in £648 annually. amount paid to date £5886 current value £4839. i'm wondering if i'll get back what i've paid in after the full term. would it be better to cash in the policy and put the money in a saving account?

Get financial advice - you have only been paying for 9 years - try AAP and see what they would estimate. On the other hand, ask the life company for a projection in the first instance, and work out how much you will have paid in to get this return. 25 x 648 = 16200 so you expect at least this back. Even at a very modest 1% per annum over the term, you could expect £20,775 in return, less administration fees, which should be a small fraction of the annual amount you're paying. Even at a rate of 10% per year as a fee, the most they could take from you is 25 x £64.80 (1620) 20775-1620 = £19155. Endowment policies appear to have had their day - the money is best left under the mattress!

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We have an endownment policy sold to us i think in 1987 was taken out to pay our mortgage off in 2012 friends provident is the insurance company, to date the latest forcast's show it will not payoff the full cost of our loan question, as any body made a sucsessfull claim against their insurance company and won the case for compensation. ps we have now paid our mortgage off but are still paying the endownment premium till it expires. endownment for £11,500 expected payout £8,500 est.

I was sold an endowment in 1999, guaranteed to pay off a £36,995 mortgage. I received a letter stating I'd have to find an extra £13,000 to pay the mortgage off! I have started to claim but it's all gone quite.

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A man deaceased recently (he was a friend but husband to my best friend) he has several properties all on endownment elements of mortgages will the policies cover the mortgages and pay the outstanding balances.

The Policies will pay whatever the death benefits were. Without knowing what they are and how much the outstanding mortgage is the question is impossible to answer. It is easily checked though, look at the policy documents, they will all state clearly what the death benefit is. Your friend will then have to find out what the outstanding mortgage is.

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On 11th june 1990 we purchased a house and we were given advise by a company called englands uk limited, 152 high street, harbourne, birmingham b17 9pn, i have tried calling this company on a telephone i was given only to be told they have gone into liquidation, my mortgage is with santander, but this was an endownment policy which is due to mature on 11th june 2017 with a short fall of £40,000, its was a homeplan type of policy that this independant company advised us to take out with standard life at the time, just wondering where do i go from here. kind regards brenda

You definitely asked the wrong section.

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Going through an application with northern rock. interest only although will only be doing this for 2 years hopefully. with the mortgage being interest only, they want an endownment policy in force.............does anyone know a good endownment company please?

you dont actually have to set up an endowment, if you have an ISA or savings account then you can just give them the account numbers and policy providers details, and tell them how much you are looking to save every month. DONT waste money on an endowment as you will never get back what you put in!!!!

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I am the first to admit i have little knowledge of how insurance works. approx 25 yrs ago we remortgaged our home. it was an endownment policy which was to give us a 'nest egg'. like so many others this has not came to pass and the amount due to be paid out next month just gives us the sum required, plus £80. however, i now realise at some point i asisigned this policy to the company we had our mortgage with. about 6 yrs ago we changed to another building society. i have now the papers in as the amount is due to be paid out next month but it says it is assigned to the first company. i can't get in touch with anyone with the easter hols and this is really worrying me. i have faithfully paid the policy for 25 yrs and naturally require the funds to pay off the mortgage. where do i go from here? any one answering with knowledge of such matters would be appreciated. sorry, i realise i have mispelt assigned in question. sorry i realise i have mispelt assigned in question.

Once you assign a policy, it is owned by the asignee until the contractual obligations are fulfilled. First, relax. People tend to make poor decisions when they are Hungly, Angry, Lonely, or Tired. (H.A.L.T.) The holiday period will soon be over so you can contact people at the place holding the assignment. Third (after attempting contact) is to write to the insurance company itself. You may be able to work within the law to have the assignment released, unless you are Irish. OK. A little humor for a Brit.