A tiny selection of comments about endowment mortgages.
I have finally found out (as quite a number of others do) that the
endowment policy I was recommended to take out 12 years ago is inadequate,
and that to make it adequate I will have to cough up more money.
To add insult to injury, no one, neither the Building Society that
sold the policy or the insurers accept any liability for what was at
the very least incompetence, and at worst fraudulent, having of course,
taken their fees.
I would not be so angry had I been warned at the beginning that this
was a gamble, but instead it was recommended as a good investment.
I do not agree that an inquiry into this situation is not necessary,
and particularly the need to look at compensation for those sold inadequate
policies through no fault of their own; only then will the mortgage
industry take seriously their responsibilities.
I agree absolutely that compensation should be paid in cases where people
who were missold an endowment mortgage would have been better off with
a repayment mortgage, but I don't think an expensive industry wide review
will accelerate that - perhaps rather the opposite. More
here.
