Endowment mortgage shortfall

Questions and Answers

Is it too late to claim for an shortfall in Endowment Mortgage? How can you claim if Mortgage via a Broker?

Q) What if Broker is no longer in business Previously got in touch with Insurance co who said they can't process claim as was via a Broker.

A) You could try asking the Insurance Ombudsman - www.financial-ombudsman.org.uk or www.helpwithyourclaim.co.uk. Best of luck as it looks as though you may have a bit of a fight on your hands. www.save-money-guide.com

can I sue for my endowment shortfall?

Q) I have recently been told its too late to complain about my endowment mortgage, can I claim through the small claims court?

A) yes, and you don't need a lawyer. Just a small fee and you will have your day . But have all your paperwork avail. at the time of the hearing..and don't dress down as first appearance and attitude means over 50% of the case..smile but don't be cocky

Endowment Mortgage.Should I use some of my saving to pay off part of the mortgage now,or continue saving ?

Q) I will have a shortfall of about £17,000 on my endowmemt mortgage,which comes to an end in about 7 years. I've been saving to help cover the shortfall,I have £6000 so far in various ISAs. The question is would it wiser to use the funds to pay off part of the loan NOW,or carry on saving . Anyone out there with similar circumstances ? Thank you.

A) I am in exactly the same position as yourself and my mortgage ends in 7 half years. I have started putting money away in a high deposit savings account and hopefully when the mortgage ends I should have enough to cover the shortfall. If I use the money to pay the mortgage up earlier I will be charged a settlement fee, so it's in my interests to keep saving and wait until the mortgage and endowment end. It's sickening though when after all these years hoping that I would own my house and have a small lump sum in the bank has been dashed. I really think you need to speak to your mortgage company and see what they recommend as they all vary and have different rules and regs (as well as fees) for trying to overpay to meet the shortfall. In conclusion, I think we're stuffed either way!! Good luck

Endowment Mortgage Claim-Am I being over charged?

Q) I hadn't a clue how to go about claiming for a mis-sold endowment policy, so I went with a "No win/no fee", company I saw advertised. I thought I'd been given to understand they took 50% of any compensation over what was needed to clear the shortfall. They took 3 yrs and some prompting to bring this to a conclusion, and now they are asking for 50% of the total compensation. Have I any redress?

A) Hi, this is a specialized webpage about home money saving tips. you can see these suggestion about insurance saving. http://www.bernanke.cn/insurance-saving-tips.html Wish it will help you. Good Luck!

Endowment Selling If Mortgage Still Active?

Q) Hi, I have 2 endowment policies: - Policy 1 was taken out as a savings scheme in 1987 (to cover £25000) - In 1990 I bought a house (for £40000) and needed a top up so took out Policy 2 to cover the shortfall of £15000 I am selling my house now so tried to surrender Policy 2 but the company said that my mortgage lender has "an interest" so this cannot be cashed in. Will I likely have a similar problem surrendering Policy 1, even though it was taken out before I purchased a property? Any advice welcome thanks.

A) yes