any views !! ??

karl..cambs

at 22yrs old i asked a financial guy to help me get a mortgage,and the best one for me,i bought my house for 20.000 (i got 50% council discount,house was 40.000) he very quickly sold me an endowment mortgage he was an agent for legal & general,he told me that at the end of term i would be able to pay off my mortgage and have around 18-20 thousand pounds in my pocket as i kept the endowment at 38.000.I just started a claim for miss-selling,i was never told about any other sort of mortgage,and the main reason i had the guy round was for sound advise not a meal ticket for his bonus..any views on my chances ??
p.s what a great site !!

$17mma

Hello KarlI wouldtake a look at and post on this thread for advise and feedback. Good luck!

Sorry here is the link

http://forums.moneysavingexpert.com/showthread.html?t=4722

good luck hun

vinno65

Hi Karl, as you were only 22 at the time of sale, were you single with no dependants, if yes the its generally accepted thatan endowment was unsuitable for you as basically you didn't need the life cover. Secondly it's up to L&G (if the guy was a tied advisor)to prove that the sale was compliant i.e. that he explained all the risks to you, explained how it was an investment, ascertained your attitude to risk and discussed other payment methods. If they can't prove this then you have a good chance that it was a miss-sale.
regards Vinno

karl..cambs

hello mate.
firstly thanks for the advise mate..i had a child on the way at the time i took out the mortgage.The point i was trying to make is that i had no idea on the best sort of mortgage for me at the time and no other types of mortgage repayment was discussed,being young i just needed someone to help me out.I dont think this happened tbh.

HCN

Hi,
Just to say that I've just had a complaint upheld on similar grounds,as they couldn't find written proof that the adviser had explained other options or properly established my attitude to risk. (He hadn't). I used the advice on this site and did it myself. (Also, if you are missing any paperwork, the life company should send it all out to you under the data protection act.) As a result i got compensation of £1,900.
Interestingly, this was the only reason that I got compensation, my other points: that I had been promised that the mortgage would be paid off early or I would get a lump sum were dismissed, on the grounds that I had been given a booklet of small print to read, even though I had a 'summary of the interview' in the advisers own writing, which stressed that these were the reasons I had chosen the endowment. However, no point arguing with them, as I got the complaint upheld anyway.
Hope you get somewhere with it.