can i claim for mis sold mortgage?

MRMAGPIE_2

when I first got married i was more or less forced into an endwnment mortgage and like a lot of other people it later turns out that the policy would have a shortfall what I done was then change to a capital and interest mortgage is there any way i could try and claim for mis selling or is this very difficult to prove? thanks in advance

McKneff

Nobody would force you into it to be honest, it would have been explained to you at the time and you would have signed to agree with it. It wasnt till many years later that the shortfall scares came in. It was a cheaper way to purchase a house then anyway and this was probably mainly why people took them out. (including me)

How long is this ago, because it could well be timed out anyway.

What happened to the endowment, did you just cancel it. You would have also had the choice to keep it going and just have the payout as a stand alone savings/life insurance vehicle.

antrobus

Have a look at the MSE 'guide' on the subject:-

http://www.moneysavingexpert.com/reclaim/endowments-miss-sold

dunstonh

Over 3/4 of endowments are timebarred from complaint. When was yours timebarred? (you may be one of the few that isnt).

CBR600F_2

How did they force you? Did they put a gun to your head and threaten to spraypaint the walls with your brains? Nasty business. No wonder you signed up for it. Who wouldn't under those circumstances?

HelenDaveKids

We went for a "low risk" endowment back in 1994, despite wanting a repayment (like my parents!) but being talked into endowment and have a massive shortfall in what we should get as a payout, we went through fsa several years ago and it took months and eventually they said we had no claim, despite our original stuff showing we had wanted a low risk (with this impacting on getting a much bigger payout) option. Its due to payout after 22 years in a few years, on the positive it did make us work towards being morgage free about 4 years ago but we have since moved and now have a repayment morgage.
feel very "burnt" with financial institutions now.

The_J

Crikey, I thought Brits were supposed to be iron willed. If you feel burnt after getting an endowment and seen the house you bought at the time practically doubled in value then I suggest you open your bloody eyes to the bigger picture.

What a joke, I would personally like to kick the !!!! of everyone who whines about buying a property more than 10 years ago.