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Endowment Selling If Mortgage Still Active?
Hi, I have 2 endowment policies:
- Policy 1 was taken out as a savings scheme in 1987 (to cover £25000)
- In 1990 I bought a house (for £40000) and needed a top up so took out Policy 2 to cover the shortfall of £15000
I am selling my house now so tried to surrender Policy 2 but the company said that my mortgage lender has “an interest” so this cannot be cashed in. Will I likely have a similar problem surrendering Policy 1, even though it was taken out before I purchased a property?
Any advice welcome thanks.
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