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  • FIRST POST
    • Durran
    • By Durran 8th Sep 17, 4:51 PM
    • 1Posts
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    Durran
    Mortgage endowment
    • #1
    • 8th Sep 17, 4:51 PM
    Mortgage endowment 8th Sep 17 at 4:51 PM
    Would an endowment policy that was insisted on by the building society to cover the mortgage and to pay off the loan plus generate a lump sum when the mortgage ends qualify as mis selling as the policy did not produce the said lump sum at maturity.Also as I was not offered the opportunity to take a repayment mortgage would this be grounds for claiming the above as mis selling ppi ?
Page 1
    • AnotherJoe
    • By AnotherJoe 8th Sep 17, 5:06 PM
    • 7,237 Posts
    • 7,746 Thanks
    AnotherJoe
    • #2
    • 8th Sep 17, 5:06 PM
    • #2
    • 8th Sep 17, 5:06 PM
    No it wouldn't (on both counts)
    • dunstonh
    • By dunstonh 8th Sep 17, 5:11 PM
    • 89,496 Posts
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    dunstonh
    • #3
    • 8th Sep 17, 5:11 PM
    • #3
    • 8th Sep 17, 5:11 PM
    Would an endowment policy that was insisted on by the building society to cover the mortgage and to pay off the loan plus generate a lump sum when the mortgage ends qualify as mis selling as the policy did not produce the said lump sum at maturity.
    The lender was right to insist an endowment for an interest only mortgage. That requirement ended during the credit boom years but has actually returned following the credit crunch (a repayment vehicle plan).

    Lenders are allowed to insist on insurance as a condition of borrowing.

    also as I was not offered the opportunity to take a repayment mortgage would this be grounds for claiming the above as mis selling ppi ?
    a mortgage is not PPI. An endowment is not PPI. So, no, it cannot be grounds for making a PPI complaint.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from a Financial Adviser local to you.
    • Moneyineptitude
    • By Moneyineptitude 8th Sep 17, 11:08 PM
    • 19,285 Posts
    • 9,394 Thanks
    Moneyineptitude
    • #4
    • 8th Sep 17, 11:08 PM
    • #4
    • 8th Sep 17, 11:08 PM
    as I was not offered the opportunity to take a repayment mortgage would this be grounds for claiming the above as mis selling ppi ?
    Originally posted by Durran
    PPI is a type of insurance (which you didn't have).

    It's not an all encompassing name for a complaint!

    So, as above, it cannot be grounds for making a PPI complaint.
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