Was you sold a Mortgage linked to Pension in 80's?

Bothered!

Back in the late 80's Abbey life sold a lot of pension linked mortgages, showed forecasts at the high growth rates and people got sucked in...me included but I was only 30, as a result after 8 years I had effectively just paid interest only on the mortgage and the pension fund hadn't grown like forecast due to dropping rates and stock market crashes etc.

Realising the problem I transferred the mortgage to a repayment mortgage and tried in vain to complain to Abbey Life for selling the pension linked mortgage to a 30 yr old with 35 years to retirement and giving bad advice regarding growth rates..

I know there has been a lot about endownment mis-selling and this is sort of the same but has anyone successfully claimed against pension-linked mortgage mis-selling or Abbey life ?

defender_of_the_weak

We have taken successful pension cases against most of the biggies who sold pension mortgages. It is not just the term that should be argued about it is all the other factors too, employment status, growth rates, charges, fund selection. the whole thing.

As with all prducts nothing rong with the idea as such, but the sales for these should have been fairly limited

dunstonh

I agree with DOTW.

Pension mortgages are one of those ideas where everything works in theory and it looks like a good idea. In reality, they need monitoring and are really a minority sale. They would also need some damned good documentation to support the sale and I bet that Abbey Life, in the late 80s, are not even close to the required standard.

Bothered!

Thanks dunstonh,

any suggestions about how I can claim compensation ?