Mortgage worries in the future.

[trevorvale]

In 1990 I took out a Endowment mortgage with London & Manchester Assurance. The first 3 years premiums on the endowment were to be paid and added to the mortgage. Because of arrears on the mortgage account the endowment was only paid the first year and lapsed in 1991 although I was not told it had lapsed for a full six months at which time they demanded payment in full which I could not pay. An investigation was carried out which resulted in them discovering that the endowment mortgage had been mis-sold by the mortgage broker as the term went beyond my retirement age without any evidence of how payments were to be financed in retirement.

The company refunded the first years premiums plus interest which was used to settle the arrears and the rest off the mortgage balance. Since that date I have not been given a new repayment mortgage now that no endowment is in place, even though the mortgage went from London & Manchester to the Leeds and then to the current lender Halifax, only once about five years ago did the Halifax show any concern as to how the mortgage would be paid if I died suddenly but on being told that I was insured by my employer for an amount in excess of the mortgage owing nothing more was said.

I am no longer employed by that company and so have no insurance at all to cover the mortgage.

With five and a half years to go before the term is up we are resigned to the fact that we will have to sell to pay off the mortgage as we are now pensioners and have no hope of paying it off without doing so.

 

After that long winded explanation my question is does anyone think we have any kind of redress against the lenders or is just all my own fault for letting it drag with no solution being found by myself.

 

Your comments would be appreciated although I already know I'm a prat.

 

Trevor Vale

[tomterm8]

Going to a solicitor would be recommended. I don't honestly think you have any redress at this point in time, but a solicitor would be able to give you a definitive answer.

 

C.A.B. has a list of people who will give a free consultation, or you could go to the bar pro-bono scheme or your local college of law.

[trevorvale]

Hello,

 

Thank you tomterm8 for you speedy reply it is much appreciated.

 

Trevor Vale