So
many people with endowment
mortgages have now lodged mis-selling claims that it's
hardly surprising the majority of policy providers are applying
a time limit for these compensation bids.
This has been set at three years by watchdog the Financial Services
Authority.
Unfortunately, poor performance by your stock market-linked endowment
is not grounds for complaint all investments carry a degree of
risk.
If you decide you do have grounds to claim, you'll need to hurry.
If your provider is enforcing the time limit, you must act within
three years of receiving its first letter highlighting that your
endowment is unlikely to clear your mortgage.
So contact your policy provider right away to find out its stance.
If it is using the deadline, it must give you at least six months
notice that this is coming up.
However, this warning is likely to be buried in a letter updating
you about your policy's performance and it could be hard to spot.
In view of this, now might be a good time
to unearth your paperwork and check the small print.
Sadly, if you have already been warned, and the six months are
up, it's simply too late to do anything.
A legal loophole
Unless, of course, you bought your endowment from a Scottish-based
provider.
Even if your endowment provider isn't enforcing the deadline for
mis-selling claims, there's no time to lose if you want to make
a bid for compensation.
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