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What to do? - endowment mortgage
Welsh2
Posts: 2 Newbie
I think I have done totally the wrong things.
We were sold an endowment mortgage in 1994 beging told that it would provide savings as well as paying the mortgage. niethe my husband nor i had a permanent job, and niether of us ahd ever had shres or anything. We only had a small mortgage- The endowment was for £44,000. Then the letters came about the shortfall. So i used my inheritance from my mother to pay off £20,000 of the mortgage. I thought that we might have enough money in the endowment to pay the motgage when it is due in 2020, but now it looks like there will only be £16,000. Can I claim for having been missold this kind of mortgage? I tried before - writing to the mortgage company (Halifax) but coudl not understand the forms they sent and gave up.
Then I also changed to a fixed rate becasue i was so scared of the pyaments (we have a very low income needing tax credits to survive) and have been paying 5.75% fixed rate for about 7 years.
We were sold an endowment mortgage in 1994 beging told that it would provide savings as well as paying the mortgage. niethe my husband nor i had a permanent job, and niether of us ahd ever had shres or anything. We only had a small mortgage- The endowment was for £44,000. Then the letters came about the shortfall. So i used my inheritance from my mother to pay off £20,000 of the mortgage. I thought that we might have enough money in the endowment to pay the motgage when it is due in 2020, but now it looks like there will only be £16,000. Can I claim for having been missold this kind of mortgage? I tried before - writing to the mortgage company (Halifax) but coudl not understand the forms they sent and gave up.
Then I also changed to a fixed rate becasue i was so scared of the pyaments (we have a very low income needing tax credits to survive) and have been paying 5.75% fixed rate for about 7 years.
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Comments
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Can I claim for having been missold this kind of mortgage?
Were you mis-sold?
Are you time-barred? (over 3/4 of endowments are now time-barred from complaint)I tried before - writing to the mortgage company (Halifax) but coudl not understand the forms they sent and gave up.
You may have automatically excluded any new complaint as you only get one bite of the cherry when making a complaint.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
It seems a big drop from 44k down to 16k, are you sure.
If yu dont understand, you could always take it to the CAB and ask them to help you.
And remember there is usually terminal bonuses on endowment policies, though not always.make the most of it, we are only here for the weekend.
and we will never, ever return.0
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