Three Lenders

 

Miss W Watkins

20 Alfred Place

Nuneaton

CV6 2BZ

 

12th May 2010

 

Dear Sir / Madam,

 

Based on the advice from my financial advisor, I took out an endowment mortgage. The 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.

 

Since taking out my first mortgage I have changed lender several times, the details are below. Standard MIRAS applied throughout my mortgage term.

 

Loan Derbyshire	£32,000
Completion date	26th June 1988
End date	1st July 1996
Term	25 years
First payment made	1st July 1988
Endowment premium	£52.00 from 26/06/1988 for 25 years
Surrender value 12th May 2010	£19,028
Capped rate	9.95% from 26/06/1988 - 26/06/1990
Loan Portman BS	Increase £11,000
Completion date	1st July 1996
End date	8th August 1999
Term	17 years
First payment made	01/08/1996
Endowment premium	£32.00 from 01/07/1996 for 17 years
Surrender value 12th May 2010	£9,995
Discounted rate	1.8% from 01/07/1996 - 01/07/1999
Loan TSB	Carried Forward
Completion date	8th August 1999
End date	12th May 2010
Term	14 years
First payment made	1st September 1999
Fixed Rate	5.95% from 08/08/1999-08/10/2001

           

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

 

Yours faithfully

 

Miss W Watkins

 

Some research via the endowment supplier and lenders verify the details are correct. The decreasing term assurance payment would have been £8.89 for the first loan from 26/06/1988 for 25 years and £5.10 from 01/07/1996 for 17 years.

 

No MIRAS is applicable to the second calculation as the full MIRAS allowance is allocated to the initial advance (calculation 1).

Related Topics

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