Mortgage Industry News

← Back

FSA urges rapid action on your UK mortgage

Date: Tue, 19 Jul 2005

The Financial Services Authority (FSA) is urging households to ensure they do not face endowment shortfalls.

It is estimated that 82 per cent of the 2.7 million households that have endowment mortgages could face an average shortfall of £7,200 over the next 20 years.

In particular, over one million of endowment mortgage holders have not yet filed a complaint and could miss the deadline to do so.

"Too many people who believe they have cause for complaint put off sorting out their endowment problems until it's too late," said Louise Hanson, head of campaigns, Which?.

"If you miss the deadline, you miss your chance for compensation - it's as simple as that."

Customers are being advised to ensure they respond to any re-projection letters they receive and take the appropriate action to deal with any proposed shortfalls.

The FSA estimates that the total shortfall for those customers with an endowment still being used to pay for their mortgage stands at £16 billion.


© 1998-2005 DeHavilland Information Services plc. All rights reserved.

Endsleigh Insurance Services Limited is authorised and regulated by the Financial Services Authority. This can be checked on the FSA Register by visiting its web site at www.fsa.gov.uk/register.
Endsleigh Insurance Services Limited. Company No: 856706 registered in England at Shurdington Road, Cheltenham Spa, Gloucestershire GL51 4UE.