Old HSBC endowment mortgage

clairem6101

Hi I apologise if this has been covered but I am new to the forums here. In 1999 I got my first mortgage with HSBC. I was single with no kids at the time and working for the NHS with a pension through them. I was sold and endowment mortgage and what I suspect to be every insurance under the sun. I remember my mortgage payments were £124 a month (yes, they really were the days) and the insurances came out at something like £150+. I definitely remember being told although she shouldn't say it if I got the insurances I would get the mortgage no worries. As a naïve 24 year old I went along with this and had the mortgage and insurance for the fixed rate of two years. I left HSBC both for mortgage and banking a fair while ago now but it has bothered me ever since and still to this day I do not understand what an endowment mortgage actually is... Is there anything I can do about this all these years later or will that ship have sailed? HSBC will have been glad to see the back of me as I did successfully get back charges back off them amounting to several thousand pounds. Many thanks in anticipation. Claire

James_B.

It's not clear really what you are asking. Are you not happy with your mortgage and, if not, what don't you like about it?

dunstonh

As a naïve 24 year old I went along with this and had the mortgage and insurance for the fixed rate of two years.

Naive at 24 whilst working with people and their healthcare does not cut it.

Is there anything I can do about this all these years later

Do about what? You havent indicated what it is that you have an issue about. Most people take out insurance with their mortgage. That is normal. An endowment policy would mean you are paying a lot more on insurances compared to the interest only. So, that is no surprise.

You need to explain what your issues are.

clairem6101

OK sorry, i am a great nurse but not financially minded at all, we cant be experts in everything. I already was covered for sickness through work but was still very strongly encouraged to take PPI, critical illness etc. All I wondered was if I can claim back some of the insurances given that they were sold to me on the basis I was told it would help me get the mortgage an clearly with the cover I have at work I did not need them. I didnt really understand what an endowment mortgage was either, I was just told it was the best thing for me mortgage wise. sorry if I seem to have offended, it was my first time posting on here

dunstonh

I already was covered for sickness through work but was still very strongly encouraged to take PPI, critical illness etc.

PPi with workplace benefits can be a good complaint reason with short term debts but the FOS have been rejecting complaints on MPPI where there has been 6 months full/6 months half pay. A mortgage debt is more important and long term. Hence why most mortgage insurance complaints get rejected. However, anything can be mis-sold and there are some that succeed on complaint.

All I wondered was if I can claim back some of the insurances given that they were sold to me on the basis I was told it would help me get the mortgage an clearly with the cover I have at work I did not need them.

What insurances did you have?
You only mentioned endowment and you would expect that with an interest only mortgage.
You now mention PPI but I have covered that above.
What else?

sorry if I seem to have offended, it was my first time posting on here

you havent. Sorry my initial post was short. I had to write it quickly.

OK sorry, i am a great nurse but not financially minded at all, we cant be experts in everything.

Very true, you cant. However, if when you bring in mental ability to understand the basics, then occupation is usually considered as a benchmark to see whether that is likely or not.