Mortgage endowment policy surprise.

[MickB]

I had a bit of a shock/surprise on Saturday as I had two letters from my endowment provider who firstly said that I've an amber alert with a significant risk of a shortfall. The other letter was to show me the amount that I would get if I cashed out the week before. Well this amount would clear my mortgage 3 years early!

I rang the provider who confirmed the amount and they will send me forms to fill out. Then I rang the mortgage provider who said there are no early payment penalties and will send me a statement to show the final amount I owe. I've only ever had an interest only mortgage that only just over two years ago, done a part repayment towards it. Now I've been buying precious metals and putting money into premium bonds in case of a massive shortfall but now I don't have to touch them.

I'll be relieved when the paperwork is finally done and no more payments to make. There was no point in carrying on until the end to get maximum out of the policy as what I pay in interest is what I would have paid anyway. The savings I would make could then go onto topping up my pension payments at work.

One large weight off my shoulders.

[Rll1288]

Nice 👍

[Gordy]

nice Brucie bonus, treat yourself to some shiny stuff.....

[GrahamDiamond]

Treat yourself to a Fantabolous Holiday in The Falkland Islands Coinster !!!!!!!

[HerefordBullyun]

Just now, GrahamDiamond said:

Treat yourself to a Fantabolous Holiday in The Falkland Islands Coinster !!!!!!!

ive heard Syria or Kubul is nice this time of year also!

[GrahamDiamond]

Just sit back and enjoy Coinster !!!!!

Edited May 25, 2021 by GrahamDiamond

[GoldDiggerDave]

15 hours ago, MickB said:

I had a bit of a shock/surprise on Saturday as I had two letters from my endowment provider who firstly said that I've an amber alert with a significant risk of a shortfall. The other letter was to show me the amount that I would get if I cashed out the week before. Well this amount would clear my mortgage 3 years early!

I rang the provider who confirmed the amount and they will send me forms to fill out. Then I rang the mortgage provider who said there are no early payment penalties and will send me a statement to show the final amount I owe. I've only ever had an interest only mortgage that only just over two years ago, done a part repayment towards it. Now I've been buying precious metals and putting money into premium bonds in case of a massive shortfall but now I don't have to touch them.

I'll be relieved when the paperwork is finally done and no more payments to make. There was no point in carrying on until the end to get maximum out of the policy as what I pay in interest is what I would have paid anyway. The savings I would make could then go onto topping up my pension payments at work.

One large weight off my shoulders.

Well done!   There's nothing like the feeling of paying off your mortgage and saying FU to the bank that owed your arse!

I worked out years ago you only really need 3 things food, warmth and shelter.    I paid my mortgage off and I get drift wood off the beech to heat my house for free so I get 2 out of the magic 3 for free.   I use less than £117 in gas a year  my total monthly outgoings are £428 for everything.   

Debt control is the key to being close to free as you can in this world, don't fall into the trap that I've seen many do,  pay off the mortgage only to replace it with more debt and or more outgoings  some find it difficult to get off the hamster-wheel. 

Well done sir I salute you! 

[MancunianStacker]

Congratulations 👍🏻 

[MickB]

Thanks everyone. Just waiting for the paperwork to arrive feels like an eternity. Once it's all signed and sent off it should take around ten days to finalise. It's the first time I've had an accompanying letter with an amber alert letter, which shows what's in the fund. I'm glad that letter was sent. I'm nervous in case anything goes wrong. I'm hoping it will all go smoothly.