Endowment Claim > Endowment Misselling Information > Getting Your Mortgage Back On Track - We Can Help You
Getting Your Mortgage Back On Track
Can claiming for endowment misselling help you get your mortgage paid off on time, or even early?
Can claiming endowment misselling compensation get your mortgage payments back on track? Could you even get your mortgage paid off earlier?
The amount of compensation you will receive will not necessarily cover the difference between what you expected to receive and what it now looks like your endowment will pay out at the end of the term.
Your insurer will calculate what your policy is worth now and how much of your mortgage would have been paid off had you made the same payments into a repayment mortgage. Any offer they make will be based on this calculation.
Once they make an offer you have several choices.
- Reject it - demand more - only if your solicitor recommends this course of action
- Accept the compensation and continue the policy
- Accept the compensation plus cash in the policy
It is likely that you will be accepting the offer, but do you cash in the policy or not? Here it is better to speak to a mortgage advisor and find out what the monthly repayments would be if you cashed in the policy and used it to pay off some of the mortgage. In this case you could then change to a repayment mortgage, but remember that you also need to think about life insurance at this point as that element of cover has gone.
Compare these monthly payments against the cost of continuing the policy and using just the compensation to reduce the mortgage. But remember that you might also need to look into how you will make up the rest of the shortfall. Maybe convert some of the mortgage to a repayment or look at other investments. Ask an advisor to talk to you about your individual circumstances.
You might even find that your payments will reduce after you have shopped around for a mortgage and life insurance. In this case, you could even consider reducing the term of the mortgage loan and increasing the monthly payments.
Claiming for your compensation shouldn't be difficult and neither should finding out if you are eligible. Many websites have tools to see if you could be eligible, or just contact a solicitor. Most work on a no-win no-fee basis, so there won't be any costs.
Once you have instructed a solicitor they will help you with the paperwork and should check it before sending it the to insurance company. And if they don't win you any compensation, then it's not cost you to claim.
If you are looking for a tool to find out whether you can claim, look at the endowment contact page. It only takes a minute to find out the answer, or you can just leave your contact details and someone will call you back.
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