Endowment Mortgage

sterion75

My parents had an endowment mortgage in the 90's through the Woolwich. Obviously like all the others it never covered the short fall. Rather than complain at the time they accepted the short fall and got additional credit on the mortgage to cover it. Is it still possible to claim on this? It was never explained to them properly that this shortfall could occur they just went with the recommendation at the time.

We have a PPI claim in at the minute on the same mortgage so Barclays still have details of the account.


Thanks in advance

dunstonh

Obviously like all the others it never covered the short fall.

The vast majority of endowments paid out with surplus. So, when you say "like all the others" you are actually incorrect.

It was only the last 10-15 years they were offered that they started to fall short.

Is it still possible to claim on this?

Over 3/4s of endowments are now timebarred from complaint. They had 3 years from being reasonably aware of an issue to raise a complaint. That typically meant three years from the first notification that it was likely to fall short. If that never happened then it is three years from maturity.

So, are they within the time limits?

sterion75

They were made aware of the shortfall in 2002 and 6 months later remortgaged to a repayment mortgage. We never revisited it to know you could claim but I guess we are out of time now

I had heard quite a few stories of people falling short so thought it was widespread