Rise in Endowment Complaint Numbers
Endowment mortgage complaints up 34% according to official figures
30th June 2005
The Financial Services Ombudsman (FOS) has revealed that complaints over endowment mortgages are still rising in number. Around 1,300 formal complaints are made every week, up 34% over the last twelve months, and over 4 times the number from 3 years ago.
Many people were promised that their endowment investment would pay off their mortgage in full but are now facing a shortfall. It's estimated that 3.5m mortgage payers will be hit with a shortfall of £5k or more.
If your endowment is expected to have a shortfall, and you feel that the risks were not made clear to you when you took out the mortgage, you may have grounds for a complaint against your mortgage advisor for mis-selling, and could be due compensation.
Read More: BBC Your Money
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