Mortgages & Endowments

ann_cormack

Hi there,

Can any one help.

My husband made a claim about 4 years ago on 1 of the policies that we had as we were advised we could not on the 2nd and we got the difference from what we would have saved if we had taken a re-payment mortgage which was 600 and odd pounds. I was and am still not happy with this. No offer of compensation was offered. Can we make a claim for compo still.

We have cashed both in now as we were concerned about the current climate. Glad we did.

Many thanks guys.

dunstonh

You get 6 months after your claim is rejected to appeal to the FOS. After that your rights to complain or take it further cease.

EdInvestor

ann_cormack wrote: »

we got the difference from what we would have saved if we had taken a re-payment mortgage which was 600 and odd pounds. I was and am still not happy with this.

This is the standard award of redress (technical term for compensation) that you get after making a successful misselling complaint.

No offer of compensation was offered.

Yes it was. Many people mistakenly think the redress should cover the shortfall between the mortgage amount and the endowment proceeds, but that's not what happens. You have to take into account that the endowment mortgage was cheaper than the repayment, so you have already made savings.

Can we make a claim for compo still.

No, you've already made a successful complaint and received redress.