Investment product assignment ?

seamless

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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,
 
It depends onwhether you have sufficient life cover to cover the remaining mortagage over the term. If you have seperate life cover make sure the bank have an assignment of it and there there should be no problem releasing the endowment policy.
Banks dont tend to get around to releasing an assignment until they are specifically asked to do it.
 
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