Endowment Mortgages

[hgs]

Hi,
I have a question! I had an Endowment Mortgage up to about 2-3 years ago.When I took it out it was meant to be the best type of mortgage. It still had a number of years to run when it was paid off, but if I hadn't increased the repayments and also paid of some to the original amount borrowed I would have had a shortfall in the amount borrowed. Do I have any come back on this with my provider of the time?

 

[ClubMan]

By provider do you mean lender or broker? Who advised you to take this type of mortgage? Did you read and understand the terms & conditions of the loan agreement at the time? Did you understand that the value of your endowment policy would depend on market performance and, as such, there was no guarantee that it would necessarily pay off the loan at maturity and you might have to make alternative arrangements?

Did they tell you that this was the most suitable mortgage for your specific needs? Did they put any of this in writing? If the answer to either or both questions is "no" then I would have doubts about you having any comeback. Regardless of this I would doubt that you have any case here unless there was some blatant and provable misselling going on.