Were you mis-sold
your endowment mortgage?
It Could Be You!
Do you have a mortgage with an endowment policy?
And did you check your last statement from your endowment provider
(your insurance company) to make sure that your policy is still on
track to pay out enough money at the end of your mortgage to cover
On top of all the pressures of daily life, many
people find attending to this matter all a bit too much, and find
reasons to put it off - to the weekend, or the next holiday, or until
whenever. It is said that moving home is one of the most stressful
events in life, and re-entering the arcane world of mortgages is
something most people would rather avoid if
The mortgage endowment mis-selling scandal is old
news now. Yet it is estimated that 2.2 million home owners
may well be sitting on a mis-sold endowment mortgage. This is
in part because many home owners are only just getting the bad news
from their insurance companies; that is, they're told that there
is a projected shortfall between what they owe their building society
and what they are likely to get when their endowment policy matures.
A policy that has been on course for many years can suddenly become
The total amount of shortfall in the UK is reckoned
to be £40 billion!
So what to do?
Check it out. If your mortgage is something you'd
rather not think about too often, make the effort, and sort out the
paperwork. If you've had the dreaded letter, then act now. It is
possible to run out of time to make a claim against your building
society. (The claim is against whoever give you the advice to take
out the endowment mortgage.)
Be assured there are many law firms offering to
take up your case for you on a 'no win, no fee' basis. True, they'll
want a slice of the compensation, should they be successful on your
behalf. But that's better than no compensation at all. If you feel
confident enough you can make a claim directly yourself. (But then
why have you been sitting on that warning letter?)