Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • Durran
    • By Durran 8th Sep 17, 4:51 PM
    • 1Posts
    • 0Thanks
    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
    • 7,240 Posts
    • 7,755 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
    • 89,515 Posts
    • 54,965 Thanks
    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
    • 19,300 Posts
    • 9,399 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.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

1,608Posts Today

6,061Users online

Martin's Twitter
  • RT @thismorning: 'Sometimes the best gift is releasing somebody else from the obligation of having to give to you' says @MartinSLewis. Do y?

  • Shana tova umetuka - a sweet Jewish New Year to all celebrating. I won't be online the rest of t'week, as I take the time to be with family

  • Dear Steve. Please note doing a poll to ask people's opinion does not in itself imply an opinion! https://t.co/UGvWlMURxy

  • Follow Martin