Hi We have a 25yr Endowment Mortgage with Halifax. It is in its final year. Our insurance policy is with Norwich Union. We were lucky enough to buy our house before the boom and have paid all but
125 off from our Capital. Halifax have sent us a letter giving us 3 choices but we are not sure which one to make. Could anyone help us?
1.Let Halifax release its interest on the policy and return it to me so I can claim the maturity monies myself
2.Let Halifax deal with the maturity on my behalf and have the maturity proceeds sent to my home by cheque
3.Let Halifax pay the proceeds into a Halifax account.
We don't want option 3. Are there any pros or cons about choosing between option 1 or 2? Will we have any charges to pay? We did go to the Halifax and asked a woman there but she said she hadn't come across this before and couldn't advise us.
Anyway, we aren't too confident in the Halifax. They got the amount of the Mortgage which we had repaid wrong - luckily we were able to prove that we had paid much more than they said we had. Even in this final letter, they got the month that our policy ends wrong. It was a 25 year mortgage which we got in August 1982 and they said that it matures in February 2007 (I make it August 2007). Evi