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Follow on Google News | Fairinvestment.co.uk Predicts Shortfall For 86 Per Cent Of EndowmentsFairinvestment.co.uk warn 86 per cent of the 10 million mortgage endowment policies thought to have been sold in the UK will not be enough to pay off mortgage
By: Fair Investment Company However, the reality has told a different story. New research from Fairinvestment.co.uk (http://www.fairinvestment.co.uk/ Of those expecting a shortfall, 41 per cent are expecting a deficit of as much as 25 per cent meaning they will have to find thousands of pounds elsewhere. A worrying 23 per cent of people questioned confessed that they are expecting to cover a huge 50 per cent of their mortgage because the endowment (http://www.fairinvestment.co.uk/ When the gap is 50 per cent or more people are in real financial danger. In 2003 the Government accurately estimated that eight in 10 endowment policies sold were unlikely to pay off the mortgages they were taken out for. Since then it is estimated that 70 per cent of those facing endowment shortfall http://www.fairinvestment.co.uk/ The Fairinvestment.co.uk poll revealed that out of all participants, just 6 per cent are expecting a surplus from their endowment policy. A further 6 per cent are lucky enough to be on track and expect to pay off their mortgage with the endowment. Commenting on the results, chartered financial planner at Fairinvestment.co.uk, Sharon Bratley said: "Our statistics just go to show what a let down endowment policies were and still are. Those who have not yet done anything and are expecting a shortfall on their policy should act now. There are a number of options open to investors, one of these being to sell the policy. For those sitting on their endowment it might not be too late to sell; there are still plenty of investors out there who see endowments as a desirable asset." Mrs Bratley added, "Alternatively, if you feel the risks associated with your endowment policy were not explained sufficiently at the time, you could have grounds for complaint and be eligible to file for compensation." Fairinvestment.co.uk offers both selling endowment (http://www.fairinvestment.co.uk/ About Fair Investment Fairinvestment.co.uk, is an independent online finance portal, providing comparison tools, news, reviews and information on a wide range of financial products and services, including insurance, credit cards, mortgages, loans, savings and investments. Fair Investment Company sees 400,000 unique users per month, sells over £5 billion worth of mortgage enquiries and is a Hitwise 100 Banks and Financial Institutions site. For further information, contact: Rachel Mason Editorial Manager Fair Investment Company Media Centre 20 The Mall Clifton Bristol BS8 4DR Tel: 0117 9335507 Fax: 0117 9335509 www.fairinvestment.co.uk Website: www.fairinvestment.co.uk/ End
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