We deal with endowment mortgage shortfall claims on a no win no fee basis and if the complaint is unsuccessful we will not make any charge to you. Our claims are completely risk free and you will not have to fund or pay for any expenses during the course of the endowment compensation claim. Our clients never pay any charges unless the claim is settled successfully. If you would like free financial advice on the telephone, without obligation, just complete the contact form.
We are a founding member of the Claims Standards Council which is independent from the claims industry and seeks to ensure that that its members deal with consumers on the basis of decency, probity and fairness by :-
- vetting individuals and organisations seeking membership
- compliance with a transparent, thorough, end-to-end process for handing claims
- operating independent complaints and discipline arrangements
In the Sixties and Seventies this problem did not exist as most banks and life insurance companies were selling ‘full’ endowment policies that were guaranteed to enable borrowers to pay off their mortgage at the end of the term which was then usually 25 years. In those days, this method of repayment of a loan used to buy property was advantageous when compared with a straight repayment mortgage because of the way premiums were treated for tax purposes. This type of policy usually produced a guaranteed fund that was sufficient to pay off the amount of the building society loan and there was often additional profit at the end which could be distributed to the policy holder.
By the late Seventies there was considerable competition in the market place and numerous companies started to cut costs and premiums and offer a ‘low cost policy’ that was less expensive but there was no guarantee that the amount received when the policy matured would be enough to pay off the mortgage. The amount received therefore varied substantially and in the main was dependent on how well the insurance company invested all of the premiums received by them on the Stock Market. Companies that invested poorly saw their funds causing potential endowment mortgage shortfall problems.
There are in fact many years were growth is stagnant and there is on occasion negative growth in a particular year and the majority of policies sold recently have a surrender value less than the total premiums paid. The effect of this is that of over 6 million of these UK policies over 80% are not 'on target' to reach the anticipated sum at maturity and millions of mortgage loans will not be fully repaid at the end of the term of the mortgage loan. Insurance companies that are affected by endowment mortgage shortfall include:-
Axa Sun Life
Axa
AMP Pearl Assurance
Allied Dunbar (now Zurich)
Alba Life
Abbey (formally Abbey National)
Abbey National Life
Abbey Life (now Lloyds TSB)
Bupa Skandia
Britannic Assurance
Britannia Life Assurance (now Alba Life)
Black Horse Life
Barclays Life
Barclays
Crowe Life
Crusader Insurance Co Ltd (now Alba Life)
Crusader Insurance Public Ltd Co (now Alba Life)
Countrywide Assured
Co-op Insurance Society
Commercial Union
Colonial
CGNU
Countrywide
Co-op
Colonial Pudential
Colonial Mutual (now Winterthur)
Clerical Medical
CIS
Cassidy Life
Canada Life
Equity & Law
Equitable Life
Equitable
Ecclesiastical Financial Services
Ecclesiastical
Eagle Star (now Zurich)
Friends Provident
Guardian Scandia
Guardian
General npi
General Accident
General Portfolio (now Windsor Life)
GAN Life
Hambro Guardian (now Countrywide)
Halifax
Hambro Life (now Zurich
HSBC
Laurentian Life (now Lincoln)
Lincoln
Lloyds Life (now Royal Sun Alliance)
Lutine
Lloyds TSB Life
Legal and General
London & Manchester
Liverpool and Victoria
L & P
Midland Bank (now called HSBC)
Midlands Life
MGM Assurance
NPI
NatWest (now Royal Bank of Scotland)
Norwich Union
NFU Mutual
National Mutual
Old Mutual
Prudential
Pegasus
Pearl Assurance
Royal Bank of Scotland
Royal Scottish Assurance
Royal London Zurich
Royal London
Royal Liver
Royal Life
Royal Sun Alliance
RNPFN
Reliance Mutual
Refuge Assurance (now Royal London)
Swiss Life
Sun Life of Canada
Sun Life (now Axa)
Sun Alliance (now Royal Sun Alliance)
Standard Life
Skandia Life
Scottish Widows (now Lloyds TSB)
Scottish Provident
Scottish Mutual
Scottish Life (now Royal London)
Scottish Legal Life
Scottish Friendly
Scottish Equitable
St James Place
Scottish Amicable (now Prudential)
Scandia
Save & Prosper
Tunbridge Wells Equitable
Tunbridge Wells
Trident Life (now Lincoln)
Teachers Assurance
Unum
United Friendly (now Royal London)
Wren Life
Woolwich Life(now Barclays)
Winterthur Life
Woolwich
Windsor Life
Wesleyan Assurance Society
Zurich Life
