So many people with endowment mortgages have now lodged mis-selling claims that it’s hardly surprising the majority of policy providers are applying a time limit for these compensation bids.

This has been set at three years by watchdog the Financial Conduct Authority.

Unfortunately, poor performance by your stock market-linked endowment is not grounds for complaint all investments carry a degree of risk.

To find out about the other reasons for which you could argue mis-selling, go to Was I mis-sold my endowment?

 

The Time Limits

If you decide you do have grounds to claim, you’ll need to hurry.

If your provider is enforcing the time limit, you must act within three years of receiving its first letter highlighting that your endowment is unlikely to clear your mortgage.

So contact your policy provider right away to find out its stance.

If it is using the deadline, it must give you at least six months notice that this is coming up.

However, this warning is likely to be buried in a letter updating you about your policy’s performance and it could be hard to spot.

In view of this, now might be a good time to unearth your paperwork and check the small print.

Sadly, if you have already been warned, and the six months are up, it’s simply too late to do anything.

 

A Legal Loophole

Unless, of course, you bought your endowment from a Scottish-based provider.

In this case, you may still be able to claim.

For an explanation of this anomaly, read Endowment Mortgage Claims: A Legal Loophole

 

Don’t Hesitate

Even if your endowment provider isn’t enforcing the deadline for mis-selling claims, there’s no time to lose if you want to make a bid for compensation.

It could change its mind at any time.

 

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