Deadline nears for endowment aid
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Your support makes all the difference.Just one in five over-55s are aware that they may be able to claim compensation if their endowment-linked mortgage is failing, a survey from Mori Financial Services warns.
Just one in five over-55s are aware that they may be able to claim compensation if their endowment-linked mortgage is failing, a survey from Mori Financial Services warns.
The market researcher said only 23 per cent of that group were fully aware of how the complaints system on endowment mortgages operates. And only 21 per cent said they intended to apply for compensation. Of those, many are likely to miss out, said Tim Moore, of Endowmentclaims.biz, one of several claims-handling firms working with victims of endowment mortgage mis-selling.
"If you miss the deadlines imposed by insurers for making a complaint, then you could face the risk of your endowment policy eating into lifetime savings," Moore said. "Many policyholders were expecting a lump sum at the end of the term, whereas the reality is that the policy may not even provide sufficient funds to repay the mortgage."
Ironically, older borrowers are more likely to qualify for compensation. City regulators say borrowers who have been sold endowment funds that are not due to mature until after they retire have a strong case for claiming they were mis-sold. But borrowers must complain within a set period, after they have been warned their endowment is unlikely to repay their mortgage debts in full. The deadline is typically three years.
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