Was I mis-sold my endowment?

Endowment mortgage mis-selling has been one of the great financial scandals of recent years.

These interest-only mortgages were heavily promoted in the 80s and 90s as a cheap and reliable way to repay your mortgage and have cash left over.

Sadly, it didn't work out that way, and millions of people have been left facing a shortfall.

(For more on this, read What went wrong with endowment mortgages? and How to make up an endowment shortfall.)

The good news is that, if you have an endowment mortgage, you might be able to make a case that you were mis-sold.

And if this is successful, you could be in line for compensation.

Grounds for an endowment mis-selling claim

You can't claim you were mis-sold just because your endowment hasn't performed as well as you hoped.

All stock market-based investments carry a degree of risk.

However, you may have a case if the salesperson

• Failed to explain that poor investment performance could mean your endowment wouldn't pay off your whole loan.

• Didn't make sure you understood and were comfortable with the risks.

• Sold you a policy that would mature after your mortgage ended or you retired.

• Didn't explain you could lose out if you cashed it in early.

• Advised you to cut short an existing policy.

• Didn't check you were likely to be able to afford the payments until the end of the term.

• Didn't explain how fees could affect the return you would get.

If any of these apply to you, you may be able to make a claim.

To find out more, read Can I claim endowment compensation?

To read more on this subject please see the list below or your mortgage guide or your home buying guide

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