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  • FIRST POST
    • amayeta
    • By amayeta 14th Jun 19, 12:06 PM
    • 89Posts
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    amayeta
    Missold mortgage. Can I claim back for endowment
    • #1
    • 14th Jun 19, 12:06 PM
    Missold mortgage. Can I claim back for endowment 14th Jun 19 at 12:06 PM
    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.
Page 1
    • dunstonh
    • By dunstonh 14th Jun 19, 1:53 PM
    • 98,597 Posts
    • 67,050 Thanks
    dunstonh
    • #2
    • 14th Jun 19, 1:53 PM
    • #2
    • 14th Jun 19, 1:53 PM
    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
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • Adams18
    • By Adams18 14th Jun 19, 3:15 PM
    • 103 Posts
    • 18 Thanks
    Adams18
    • #3
    • 14th Jun 19, 3:15 PM
    • #3
    • 14th Jun 19, 3:15 PM
    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
    • By dunstonh 14th Jun 19, 4:59 PM
    • 98,597 Posts
    • 67,050 Thanks
    dunstonh
    • #4
    • 14th Jun 19, 4:59 PM
    • #4
    • 14th Jun 19, 4:59 PM
    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.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • amayeta
    • By amayeta 17th Jun 19, 11:27 AM
    • 89 Posts
    • 24 Thanks
    amayeta
    • #5
    • 17th Jun 19, 11:27 AM
    • #5
    • 17th Jun 19, 11:27 AM
    Thanks to everyone who replied.. As the Mortgage and the Endowment was through the lender I will get in contact with them.

    Thanks again
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