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Yorkshire Building Society Endowment Shortfall Advice please

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YORKSHIRE BUILDING SOCIETY - ENDOWMENT SHORTFALL

 

 

I would be very grateful for any advice. I have an endowment mortgage shortfall leaving me with a £21,000 debton my 25 year interest only mortgage with the Yorkshire Building Society.

 

 

I am 60 years, severely disabled and my wife is my full time carer, we are totally dependant on benefits and was unable to do anything about the shortfall, we received a small amount of compensation some time back after commissions were taken. I have written twice to YBS setting out clearly our circumstances, I advised I would try and pay in extra to reduce the shortfall and I paid an extra £2000 this year leaving us short of money. I have asked them to extend the term by 10 years or make it a"lifetime interest only mortgage".

 

 

They telephoned in response to my first letter in May this year saying they could not do an interest only mortgage, and it would have to be repayment one, we were expecting a £30,000 shortfall, she spoke about a 5 year repayment mortgage due to my age, with repayments between £400 and £500 p/m, I told her this was impossible, I asked her to put everything in writing and was told this was NOT their policy, that she had already explained it over the telephone, I asked her to speak to a supervisor and he agreed, the letter did not reflect the telephone conversation, did notmention a repayment mortgage just said the shortfall had to be paid or our homewas at risk and I was happy and understood.

 

 

I continued to pay full interest and extra payments and wrote them another long letter as the mortgage was coming to an end and the shortfall was much less than expected, I requested again an extension of the term of the mortgage or a "life time"mortgage, I asked them to acknowledge in writing my letters and attachments.

 

 

I then received a letter saying they had received a cheque from my endowment company that left a £21,000 shortfall and could I forward a cheque for the balance, my letters and contents were being ignored, this seems so unprofessional, I wonder if they are trying to get me into a situation of unauthorised borrowing and hit me with charges, the house is worth £175.00 and I only owe £21,000 and have proved I can pay the interest, I cannot see why they would want to make a disabled family homeless and incur large legal fees, it seems so unreasonable, down sizing would not be practical as we live in a small mid terraced house.

 

 

The same woman has phoned and left a message, I do not want to speak to her again as she just repeats the same thing over and over again and ignores what I say, this pressure is impacting on my fragile health, the very least they should do is put in writing their position and a proposal to resolve the problem.

 

 

 

I really would appreciate any advice.

 

 

 

Bernie

Edited by Bernie259

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