One Lender

 

Mr G Harvey

10 Common Lane

Coventry

CV1 3BW

 

6th May 2010

 

Dear Sir / Madam,

 

Based on the advice from my financial advisor, I took out an endowment policy to support my mortgage. The financial advisor strongly advised me to take an endowment mortgage over my choice of repayment. I did and still do consider that I was given bad advice.

 

The mortgage was taken out with the Halifax on their budget plan. I enclose the main information on my mortgage, please note standard MIRAS applied.

 

Loan

£62,200

Completion date

6th April 1987

Term of advance

25 years

First payment made

1st May 1987

 

 

Endowment premium

£138 per month from 6th April 1987 for 25 years

 

 

Surrender value 6/5/2010

£44,001

 

 

Capped rate of 9.95%

from 06/04/1987 - 06/04/1992 (5 years)

 

 

Discounted rate of 1.5%

from 1st March 1996 - 1st March 1999

 

 

I look forward to receiving your reply, advising me of how to take this forward.

 

Yours faithfully

 

Mr G Harvey

 

Some research via the endowment supplier and the Halifax verify the details are correct. For a corresponding period we find the equivalent decreasing term assurance payment would have been £31.44 from 6th April 1987 for the duration of the mortgage.

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Initial Entry Screen
Main Adjustment Set
Endowment Adjustment Set
Repayment Adjustment Set
Main Screen
Comparison Screen