Over two million in endowment liability

Over two million in endowment liability

Tuesday, July 19, 2005

Independent research commissioned by the Financial Services Authority (FSA) has found that around 2.2 million households (82% of those that still have an endowment-linked mortgage) have an average projected shortfall of £7,200.

However, the majority, (69%) have taken action to address their situation and a further 14% intend to take action in the future. Just over a million households (48%) have restructured their mortgage, savings or endowment; other action taken includes seeking advice or pursuing a complaint.

Endowment mortgages were sold heavily in the 1980s and many people were told their endowments were expected to pay off their mortgages. But these prospects have mostly fallen well short.

Some people were told the policies were ‘guaranteed’ to cover the mortgage and many of these people are hoping for compensation. However, last month the Financial Ombudsman Service - which adjudicates on endowment mis-selling - said it was receiving 1,300 complaints a week about endowment mortgages, where people had not agreed with the endowment provider’s decision.

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