Selling Endowments
More people are selling endowments because endowment pay-out rates have been falling. So why not take a moment now to get an endowment quote from us? The form only takes a few minutes to fill out and gives us the specific information that buyers need to evaluate your policy.
Endowment Express does not offer personalised financial advice and all transactions are on an execution only basis. Always consult an independent financial adviser if in doubt.
Birmingham Endowment Sales
The 1980s and 90s were an era of high interest rates and, encouraged by economic growth and high investment returns, many Birmingham homeowners took out endowments to repay their mortgages.
Now these Birmingham homeowners face uncertainty about their financial future due to problems with poorly performing values on endowment mortgages.
Endowment Mortgages
If you own an endowment policy, you probably have received regular letters regarding whether your policy is on track to repay your uk mortgage. Reprojection letters are required to be sent to endowment mortgage policy holders, since many of these policies are expected to have a shortfall. The endowment shortfall is the amount the policy will pay out against what is owed on the home mortgage when it comes due. The reprojection letters will indicate the amount of the projected shortfall, a suggestion of alternatives, and any actions that you as a policy owner could take. If you haven't received a reprojection letter, then contact the life company involved and request one.
If your endowment mortgage policy was mis-sold you may want to file a compensation claim, but the time for doing so is running out. Some of the life companies may have made guarantees about returns that haven’t materialised or given other misleading advice. If this has happened to you, you can file a mis-sold complaint and could receive a degree of financial compensation.
To file a complaint, you'll need to contact the company issuing the endowment and, if it has not addressed the issue satisfactorily within eight weeks you can contact the Financial Ombudsman Service directly. Its detailed form asks for all the specifics regarding your policy as well as your current and previous mortgage arrangements, the endowment policy, and your other savings and investments. If you've already filled out a similar form with the life company you're complaining about, you'll still need to fill out the Financial Ombudsman Services’ form. The process can be exhausting, but you may get some money back. Be prepared, however, to discover that pay-outs on complaints may not be as much as you were hoping for. If you're pressed for time, you may prefer the idea of selling your endowment policy on the second hand market using an endowment broker.
If you live in Birmingham and have a poorly performing endowment policy and are uncertain about what to do, you could call Endowment Express on 0800 091 1913 to discuss your options. We cannot give personal financial advice but can give generic guidance on some of the alternatives and, if you wish to sell, we’ve got buyers who should be able to quote you an attractive price for your endowment policy.
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