miss sold endownment

skirk

Can anyone through some light on this for me when i bought my first home with my wife we were 23 and 24 young and very green lol . we got our first mortgage with national and provincial in around 1986 the lady told us that if we did not take an endownment mortgage we would probibly not get a mortgage at all . so we signed up . now with only 3 years left on are mortgage we got a shortfall letter saying we would be £9000 short and had to pay more money per month yet we were told we would get a lump sum after the mortgage was paid of . so after reading various items about miss selling i sent in a letter off complaint to santander who now manage the a/c . so they have replied with forms to fill in and saying they will be looking into my complaint . do i have any chance of compensation ?

opinions4u

Highly unlikely.

1) 1986 pre-dates regulation. So they don't have to consider the complaint.

2) you will have been receiving shortfall letters for several years. So the complaint is probably time barred.

Fill the forms in, but don't get your hopes up.

Thrugelmir

skirk wrote: »

now with only 3 years left on are mortgage we got a shortfall letter saying we would be £9000 short

Not the first letter you would have received on the matter.

Why no action previously?

Goldiegirl

After all this time there probably wouldn't be any record of who said what at the interview.

Endowment shortfalls aren't exactly news - I imagine you must have been getting letters for some years advising you of the likelihood of a shortfall.

I feel that it is unlikely that your claim would be successful at this late stage.

holly_hobby

There wouldn't have been an interview in respect of assessment of suitability and completion of the recommendation given, as this sale was pre A day.

Notwithstanding that the Firm do not have to assess pre A day sales, I would wager the OP recd his first indication of a shortfall, and possible unsuitability, well in excess of 3 yrs ago - hence the complaint will be timebarred.

Hope this helps

Holly