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mortgage endowments
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Phil_Crum
Posts: 1 Newbie
We took out a mortgage with Britannia BS, in 1988. We were told at the time we must also take out a life cover endowment as insurance.
The next year we took out a loan of £8000 from the same BS. and were again advised to take out another endowment to cover it.
Both of these suffered a shortfall which we claimed for.
Did we need these endowments , or were they mis-sold.:(
The next year we took out a loan of £8000 from the same BS. and were again advised to take out another endowment to cover it.
Both of these suffered a shortfall which we claimed for.
Did we need these endowments , or were they mis-sold.:(
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Did we need these endowments , or were they mis-sold.
If you had interest only mortgages then an endowment would have been mandatory until around the mid to late 90s.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 -
If by "claim" you mean you complained then, if those complaints were upheld then yes they were missold.Both of these suffered a shortfall which we claimed for.
Did we need these endowments , or were they mis-sold.:(
They are not PPI, though, and since redress was paid to you, no further redress is due.0
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