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Finance News

December - A Base Rate Cut to 5.5% should help many people in hte run up to Christmas. Those with Base Rate Trackers should see an immediate change in their mortgages.

November - An Experian report indicates that house prices could drop over half the country over the next 18 months. Difficulties in gaining a mortgage offer and potential hice price drops are putting people off buying.

October - Britain faces it's first recession for 16 years, warn experts. Buy-To-let investors and first time buyers are particularly exposed to the growing economic problems.

October - In the wake of the Northern Rock crisis the Government has promised savers it will protect the first £35,000 of their savings, with further changes next year potentially protecting up to £100,000.

October - House prices fell by 0.6% in September, following the Northern Rock crisis and the recent interest rate rises.

Endowment Policy Misselling

The Financial Services Agency has estimated the average mortgage endowment shortfall to be over £5000.

Insurance companies are seeking to restrict the time to progress Endowment Misselling claims. Register your claim now, before it is too late. Millions of homeowners are owed endowment compensation. Don't leave it too late to claim your Endowment Misselling compensation and get your mortgage back on track.

If you were sold a mortgage endowment and the advisor made promises to you, then it's likely that you have a case for misselling.

When you bought the endowment - was it really suitable for you? Would you really have bought the endowment if you had known that it wasn't guaranteed to pay off your full mortgage?

Where you promised an extra lump sump payment when the endowment paid out? If so, then you should complain about your mortgage endowmment.

Receiving an endowment policy shortfall letter can be frightening. You have just been told that your mortgage won't be paid off and that you must do something about that.

What are your options? For a start, claiming compensation will not pay the full amount of the shortfall - it could be significantly less, or if you are lucky, more.

Compensation is based on the amount of the mortgage that would have been paid off by now if you had arranged a repayment mortgage and been paying the same monthly payments.

The compensation will then be based on what you would have paid off against what the policy is worth.

This can still leave you with a shortfall. Speak to a mortgage advisor about your options. Maybe the shortfall is small and you will be able to pay it off at the end of the term.

If the shorfall is significant, then the sooner you do something the less impact it should have on you. Options can be to extend the mortgage term, pay more each month or find an alternative investment.

As well as speaking to a solicitor to sort out the maximum compensation for your claim (this should be no win no fee) you should also immediately contact a mortgage advisor to see what options are open to you.