endowment claim

richierich007
richierich007 Posts: 68 Forumite
in Mortgages & endowments
hi again all
question here (and before anyone jumps on my back i was young and daft at the time we all been there)

i took out a endowment mortgage 1990, i couldnt keep the payments up on the endowment and after a couple of years in,
end of the policy was a payout a few thousands and that went straight to the mortgage company

even though i didnt keep the payments up do i have a claim for mis selling

thanks for any advice

Comments

  • AnotherJoe
    AnotherJoe Posts: 19,622 Forumite
    First Anniversary Name Dropper First Post Photogenic
    No you do not.
    In any case, if you couldn't keep the payments up on an endowment, which would would have been cheaper than a repayment, then you would have suffered worse with a repayment.
  • dunstonh
    dunstonh Posts: 116,318 Forumite
    Name Dropper First Anniversary First Post Combo Breaker
    even though i didnt keep the payments up do i have a claim for mis selling

    No. multiple issues.

    1 - if you had a repayment mortgage and had not kept up payments on that, you would have lost the house. So having the split actually benefitted you.
    2 - endowments didnt fall short until 1999-2001. Yours was long before that.
    3 - You had MIRAS back then and that made endowment mortgages better due to tax relief. MIRAS was abolished in 2000.
    4- you actually havent given any reason for complaint. You cant just claim on a whim. There has to be reason
    5 - This one trumps all the above. You are timebarred. It is more than 6 years after the sale of the product and more than 3 years from being reasonably aware of an issue. (and shortfalls hadnt even started back then)
    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.
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