Hi
I'm asking this on behalf of my Mother and Father. Hopefully someone can give them some advice. It's a relatively small amount but every penny matters to them.
They took out a second mortgage which was an endowment mortgage in 1987 for £12,000. Obviously with there being a shortfall they've appealed and have recently received a response from Pheonix (previously Royal & Sun Alliance) saying that they uphold the complaint. I'm just wondering if their offer is a reasonable one? I'll briefly go through their offer.
The endowment Surrender Value is £2815.
Capital that would have been repaid under an equivalent repayment mortgage is £4263.
Surrender Value less Capital that would have been repaid is £1448.
So the figure they have offered is £1448. Does this sound reasonable?
Many thanks