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Mortgage Guide
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Types Of
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Endowment claims: a legal loophole
More than 600,000 endowment
mortgage holders have successfully claimed compensation
on the basis that they were mis-sold the stock market-linked endowment
policy used as the repayment vehicle for this type of interest-only
mortgage.
Unfortunately, many more have missed the Financial Services Authority's
three-year deadline for lodging a claim.
(To find out more about this, read Am
I too late for endowment compensation?)
In most cases, that's the end of the story
no matter how good the claim, if you're too late, nothing can
be done.
Unless, of course, your policy was bought from a Scottish provider
If your endowment provider is headquartered in Scotland and several of the big players are you may still be in with a chance even if your deadline has passed.
This is because under Scots law, the deadline for claiming there's a problem with any kind of contract is five years, not three.
And it doesn't matter whether you live in Scotland, England or anywhere else the law holds good because it relates to where the provider is based.
So, if yours is north of the Border, claim now.
Of course, there's no guarantee you will succeed. Even if you have a good case, your provider may turn you down in the hope that you'll simply give up and go away.
If this happens, consider getting legal advice and taking action through the Scottish courts.
If you win your case and your provider is forced to compensate you, it could be well worth the time and trouble.
To read more on this subject please see the list below or your mortgage guide or your home buying guide
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Read on
What went wrong with endowment mortgages?
What should I do with my endowment mortgage?
How to make up an endowment shortfall
Was I mis-sold my endowment mortgage?
How to complain about an endowment
Endowment mortgage claims: a legal loophole
Can I claim endowment compensation?
Am I too late for endowment compensation?
Help making a complaint about your endowment mortgage
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Choosing
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Mortgages in Principle
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Guide to Buying Home in the UK
Guide to UK Home and Mortgage Insurance
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Read more about Types of Mortgages
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