NOW THE ENDOWMENT SCANDAL GETS EVEN WORSE

Money Mail, November 15

I WAS four years into my first mortgage when the endowment scandal first emerged. I cashed it in and took a home loan paying capital and interest. It was the best thing I ever did as I’m now mortgage free at 45. J.M., Slough, Berkshire.

I REMEMBER my building society telling me, at 23, that my application for a repayment mortgage would not be successful. So I took the endowment mortgage, cancelled the policy before the first payment was due and converted it to repayment. I’m glad I did. A.K., Portsmouth.

MY WIFE and I were told our endowment would pay off our mortgage in full. For 17 years of our 25-year mortgage it looked likely. Out of the blue we had a letter saying our endowment would cover only 20pc of the loan. These policies should have a guaranteed minimum return so people aren’t out of pocket. R.K., Southampton.

THIS is a disgraceful mis-selling scandal. We got out of our interest-only loan when this came to light. We were lucky. Others have not been so lucky. E.S., Edinburgh.

I HAD an endowment mortgage in the early Nineties. I soon realised it wasn’t going to make much money, cashed it in and returned to a repayment mortgage. If there are people out there still on these mortgages, it’s their own fault. G.D., Cambridge.

TO INVEST £50 a month for 25 years and only get £25,000 is dreadful and must put these funds up there with the worstperforming in history. Insurers should be ashamed. G.Z., Ringwood, Hampshire.

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