An endowment mortgage was a type of interest-only mortgage. These mortgages are no longer offered, but you may have had one in the past or at least have heard of them.
Here, your mortgage includes a connected savings product. Some money is invested in the endowment product, which also includes life insurance. Your invested money should build up over time if your investments are successful. You’ll then have enough money to repay your mortgage debt once your mortgage term comes to an end. If you die during your mortgage term, the attached life insurance will clear your mortgage debt automatically.
Endowment mortgages sound very appealing, but there was a risk that your investments wouldn’t earn enough money to clear your mortgage debt at the end – something that has come to pass for many. When endowment mortgages were at their most popular, people hoped that their debt would be cleared with extra money left over.
There are many possible ways that you might have been mis-sold a mortgage. A mortgage isn't mis-sold if your circumstances change and you find that you're unable to pay it. It could, however, have been mis-sold if the product wasn't suitable initially.
If you entered into any mortgage agreement but didn't fully understand the product, or if you took on financial risks that your lender didn't explain; there's a chance that your mortgage was mis-sold.
Here at Money Savings Advice, we have partnered with one of the UK’s leading Compensation claims specialist, and they have already helped thousands of our readers get the compensation they deserve for mis-sold endowment mortgages.
Choosing an independent adviser means they won’t recommend a scheme unless they are sure it is in your best interests. Their advice is also regulated by the FCA, which gives you an additional layer of protection.
If you would like to speak to them, click on the button below, answer the very straight forward questions.
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