Missold mortgage. Can I claim back for endowment

amayeta

After seeing Martin Lewis on TV years ago I began talks with my mortgage lenders and they agreed that I had been missold my mortgage and that I should have been given a repayment and not an endowment.

I had to pay a fee to get a fixed rate but I don't remember getting anything back for the money I paid for the endowment does anyone know if I should have been able to claim this back?

Many thanks for any replies.

dunstonh

I had to pay a fee to get a fixed rate but I don't remember getting anything back for the money I paid for the endowment does anyone know if I should have been able to claim this back?

When a complaint is upheld with endowments, they do a cost comparison of where you would be had you been on repayment mortgage (the method you said you should be on when you complained). If you are worse off, they pay you redress. If you are better off you dont get anything. During the negative points in the markets, you normally saw redress. Doing the peaks of the markets, you often saw no redress being paid.

I had to pay a fee to get a fixed rate

Which is nothing to do with endowments

[Deleted User]

On the topic... do you usually know if a mortgage has an endowment policy? Does the lender hold this information? Or is it third party?

dunstonh

do you usually know if a mortgage has an endowment policy?

Its not really on topic.....

Yes, you would know as a) you get annual statements, b) you pay monthly premiums, c) you get a policy document and welcome letter, cancellation rights at the start.

Does the lender hold this information?

Not since the mid 90s.

amayeta

Thanks to everyone who replied.. As the Mortgage and the Endowment was through the lender I will get in contact with them.

Thanks again