Response to does the 12 years start from sale of property and mig payout

As regards *when* the 12 years starts - that is, when the whole amount becomes payable (accrues) - if it was an endowment mortgage, you may find it can be pegged even further back than the 2nd/3rd missed mortgage payment. In our case, when I read through the T&C of our mortgage with citibank, it stated quite clearly that the whole debt would accrue immediately if we defaulted on the associated life insurance payments. For us, this put the date back several months earlier - like many (most?) people sold endowments in the late 80s/early 90s, we really had very little idea at all of how they worked, so had struggled to keep up the payments to citibank, not realising that failing to pay the insurance was just as "bad". For the earlier correspondent who was interested in technical minutiae, this is worth knowing. Our mortgage T&C made it clear that accrual of the debt due to default on interest payments *might* occur after 3 missed payments, but was discretionary. In fact citibank didn't demand the whole amount for some considerable time after that. In contrast, the insurance default accrual option was absolute - no discretion. Oh god isn't this boring...anyway, hth

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