The Financial Service Authority , (the organisation which regulates the financial services industry) has introduced a compensation award scheme to help resolve what has been dubbed the "Endowment Bombshell". They have realised that millions of homeowners who are relying on their endowment to repay their mortgage loan at maturity, are at risk.
The Financial Service Authority has taken the unusual step of allowing claims to be registered many years prior to maturity date, as they are confident that the endowment situation is not going to improve in the future. Playing a waiting game and hoping for the best, is a financially dangerous game to play. The total amount of compensation should put you in a position to be able to switch to a repayment mortgage (if you have not already done so) and be in the same financial position as you would have been, had you taken out the repayment mortgage at the outset. At Morton Lloyd & Co, we aim to include costs for switching the mortgage. The compensation gives you the choice as to whether to continue with your endowment and keep the money, or indeed switch to a repayment mortgage. The compensation that is paid compensates the claimant for the financial loss experienced, due to being sold the endowment policy as a secure repayment vehicle. There are strict time limits that apply from the date you took out the policy, or/and from the date which you became aware that there is a possible shortfall. Now urgent action is needed.
Claim Today, Call Morton Lloyd & Co Ltd on: (local rate) 0845 643 0352 |
