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Endowment mortgage

Last post Thu, Jan 08 2009, 7:24 PM by chestercharmer. 1 replies.
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  •  Thu, Jan 08 2009, 7:24 PM

    Re: Endowment mortgage

    Please don't use the firms who have been contacting you, they will help you but will either charge you a large fee or take a percentage of the money (if any) you get back from the Insurance companies.

    Do it yourself, write to the Financial Services Authority (FSA) with the details of what you have just put in this email and see what they say ! If you don't ask you will never know !

    Good Luck

    • Post Points: 5
  •  Thu, Jan 08 2009, 11:42 AM

    Endowment mortgage

    My husband and I were persuaded to switch our repayment mortgage to an interest only, endowment one in 1985. We didn't panic when we started to receive shortfall notices, but when it became apparent that we were facing a serious shortfall, (about year 2000) we wrote and complained to Royal Life Insurance (now Phoenix). We received a letter stating that as we took the mortgage out before 1989 we weren't entitled to compensation and that the agent who sold us the policy was employed by the Halifax Building Society. Although we know we were mislead into switching and are having to make up nearly £20,000 when our mortgage completes in 2011( we took out a further policy with Winterhur when we moved in 1994 and were advised to continue with the interest only mortgage), we have not complained since as we believe that we do not qualify for compensation.

    More recently, we have received e-mails from firms offering to make a claim on our behalf. I tried contacting one of these and explained our situation. Their attitude was "apply anyway", what have we got to lose. Personally, I don't want to get involved in a lengthy and stressful claim process as I don't think it would achieve anything. Am I right?

    • Post Points: 20