endowment policies

nickip69

some years ago we had an endowment mortgage with lloydstsb. when we moved house the financial adviser arranging our mortgage told us that she would do all the necessary paperwork and transfer our endowment policy over to the new house. it was only 7 years later when we were once again moving house that we found out that the endowment policy had never been changed over by the financial adviser. I know what your all going to say, but no we didnt check our paperwork properly at the time. Would this be considered as Mis-selling and are we able to make a claim against this.

dunstonh

Would this be considered as Mis-selling and are we able to make a claim against this.

Can you clarify what you mean by transferring it over to the new house? Do you mean they didnt change the address on the policy?

Or do you mean they didnt arrange a new policy for an increase? (you cant top up an endowment - it requires a new plan).

Endowments havent been available in mainstream since 2003 (standard life last one) and most stopped recommending them in late 90s. How far back are you going?

nickip69

they didnt change the address on the new policy and yes this was back in the 90's.We were told by friends in the financial business when we found out that as the policy wasnt transferred over to the new address then this new house wasnt actually covered by the endowment policy. Was this correct

Mummy_Dfw

Hi

I work in financial services, all you need to do is update your endowment provider with your new address. It is a savings vehicle it is not linked to your previous property ..so don't worry.

dunstonh

they didnt change the address on the new policy and yes this was back in the 90's.We were told by friends in the financial business when we found out that as the policy wasnt transferred over to the new address then this new house wasnt actually covered by the endowment policy. Was this correct

The address on the policy is purely for where they send the statement. Nothing else. The endowment policy has no link to the property. It wouldnt matter if it had your current address, your old address, my address or someone down the road. The value of it is still yours.

McKneff

You haven't got an endowment mortgage. There is no such thing.

You have an interest only mortgage.

Yu also have an endowment policy which matures and hopefully pays out to cover the mortgage which is outstanding at that time.