If you were sold an endowment policy by Legal and General, you may be entitled to £1,000s in mis-sold mortgage compensation.
In recent years it has become apparent that many consumers have been mis-sold endowment policies by Legal and General. An endowment policy is essentially a contract used to pay a lump sum after a fixed term. It is now commonplace for a mortgage broker to advise consumers to take an interest-only mortgage and an endowment policy to accompany it. However, the endowment you were advised to take may not cover the money you initially borrowed.
The majority of customers were advised by Legal and General that their endowment policy would pay their mortgage at the end of its term, with a lump sum on top. If not, they were generally advised that their savings endowment would generate the necessary capital by the end of the term.
Often not discussed with customers, was that Endowments were linked to the highly volatile stock markets and therefore many consumers were unaware of the high elements of risk that came with Endowments.
Examples of Mis-Sold Endowment Policies:
- Mis-Sold Mortgage claims have been made as mortgage advisers at Legal and General did not make consumers aware that their Endowment was reliant on the stock market.
- Legal and General may be liable if they informed the customer that their endowment is sure to pay the mortgage at the conclusion of its term.
- If Legal and General advised you that you could not have a mortgage, unless they had an endowment.
- If you were advised to take a Savings Endowment, this may not have been viable for your financial situation and would make Legal and General liable.
If any of the above scenarios apply to you and the way in which Legal and General dealt with your mortgage, you may be entitled to a claim. Do you think you are a victim of Legal and General Mis-Sold Mortgages? Fill in the contact form to receive a consultation from one of our Mis-Sold Mortgage Experts.