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Mis-sold endowment but no mortgage?
Hness1974
Posts: 5 Forumite
I took an endowment policy out in 1993 to pay for the mortgage and have a lump sum at the end (so I thought). I split from my partner and took over the policy. The house was sold and the mortgage was paid off. However I have kept paying into the policy as I thought that once it matured it would reimburse me for the money I had to pay to my partner and also leave me with a nice amount of money.
I have seen many posts where people have successfully claimed but they all seem to have mortgages in place. Do I have any grounds to claim even though the mortgage was paid off?
I have another mortgage but obviously I knew at this stage that it was underperforming so opted for a repayment mortgage.
The house was sold in 1998 so although I won't have a shortfall on the mortgage I was still mis-sold the policy as not only was I led to believe that it would give me a lump sum but was also advised that I stood a much better chance of having the mortgage approved if I took an endowment as opposed to repayment.
Any comments would be appreciated!!
I have seen many posts where people have successfully claimed but they all seem to have mortgages in place. Do I have any grounds to claim even though the mortgage was paid off?
I have another mortgage but obviously I knew at this stage that it was underperforming so opted for a repayment mortgage.
The house was sold in 1998 so although I won't have a shortfall on the mortgage I was still mis-sold the policy as not only was I led to believe that it would give me a lump sum but was also advised that I stood a much better chance of having the mortgage approved if I took an endowment as opposed to repayment.
Any comments would be appreciated!!
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