Mortage lender not helping us with our problem

[m&mkelly]

Hi

Our endowment mortgage is coming up to maturity next year. Over the years it was just about meeting its target. Now with the downturn its falling short by about 35%.

Our building society are recommending increasing the term by another 10 years. Neither my husband or I are happy about this. We also have other debts which we wanted to consolidate to be told that thats not possible any more. No other alternative was offered and we feel very let down on all levels.

Can you offer any suggestions as to other steps we might take?

Thanks Michael and Maria

 

[Brendan Burgess]

you might consider editing the title to something more meaningful. It will increase your chance of a meaningful response.

 

[m&mkelly]

What title would you sugest and how do I edit.thanks

 

[ClubMan]

Our endowment mortgage is coming up to maturity next year. Over the years it was just about meeting its target. Now with the downturn its falling short by about 35%.

...

Can you offer any suggestions as to other steps we might take?

Have you considered - or has the lender mentioned - switching to a repayment/annuity mortgage? Maybe something that should have been considered years ago but maybe still an option...