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During the 1980’s and 1990’s, Endowment Mortgages were the most popular type of mortgage and Financial Advisers pushed this method as the best way to repay a mortgage. Customers were led to believe that this was a far superior and more modern method than the traditional repayment mortgage and were enticed with the features and advantages of having an endowment linked mortgage, namely life cover which was included and a tax free lump sum to look forward to once they had repaid their mortgage at the end of the term. However, the benefits were really for the Adviser as the commissions for selling an endowment were high and could boost their income considerably. Many advisers did not explain the fees and charges and how they would affect the return on the customers’ endowment. The risks of having this type of ‘gamblers mortgage’ were not fully explained. Now, millions of homeowners with endowment mortgages have received warning letters from their insurance companies notifying them that their policy isn’t ‘on track’ and that it probably won’t pay off their mortgage as promised. If you have fallen victim to endowment mis-selling, then you really need to act NOW. Time is running out and some insurance companies have imposed time limits for making a claim as early as 2006. Don’t be a victim a second time around . . . Take action now and STOP THE CLOCK FROM TICKING! |
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