Hi,
Wondering if someone can advise here;
In 1990 I took out an endowment mortgage with BoI and an associated investment product. The deal was as I understood it that the investment product on maturity would pay off the mortgage.
In 1995, I took out a new SVR mortgage which effectively cancelled the endowment product but I nevertheless maintained my payments into the investment product.
In 2004, I took out a 2nd mortgage.
2015 rolls around and the mortgage taken out in 1995 is almost paid off. There is ~40K due on the mortgage from 2004 and ~50K in the investment product which is due to mature at the same time as the 1995 mortgage is paid off.
I call up the bank and they tell me that the investment is assigned to (against?) both mortgages and I need to apply for release of assignment.
My concern here is that they won't agree to this as the 2nd mortgage still has 9 years to run.
Is this valid ? My repayment record is spotless and my understanding is that the original purpose of the investment product was nullified in 1995.
Anything I need to aware of/wary of ?
Thanks,
Wondering if someone can advise here;
In 1990 I took out an endowment mortgage with BoI and an associated investment product. The deal was as I understood it that the investment product on maturity would pay off the mortgage.
In 1995, I took out a new SVR mortgage which effectively cancelled the endowment product but I nevertheless maintained my payments into the investment product.
In 2004, I took out a 2nd mortgage.
2015 rolls around and the mortgage taken out in 1995 is almost paid off. There is ~40K due on the mortgage from 2004 and ~50K in the investment product which is due to mature at the same time as the 1995 mortgage is paid off.
I call up the bank and they tell me that the investment is assigned to (against?) both mortgages and I need to apply for release of assignment.
My concern here is that they won't agree to this as the 2nd mortgage still has 9 years to run.
Is this valid ? My repayment record is spotless and my understanding is that the original purpose of the investment product was nullified in 1995.
Anything I need to aware of/wary of ?
Thanks,