A new survey has revealed that most people with a mortgage endowment policy believe it was mis-sold. While 87 percent of the respondents felt they were duped when they originally took out the policy, only 10 percent felt that they were made aware of the risks.

The survey, carried out by Fair Investment Company, follows up an earlier survey by the company which found that 86 percent of endowment holders expected a shortfall. Their latest research reveals the ugliness behind the whole endowment mortgage disaster since 49 percent of respondents said they had been given a guarantee that the policy would cover the mortgage. A further 27 percent felt that risks were not explained when the policy was bought. An additional three percent felt they were vicitms of mis-selling as they had been advised to cash in one plan and take out another.

While the number of respondents is not given in the release accompanying this data, many will not be surprised at the results of the survey.

Thursday, August 14th, 2008 You can leave a response, or trackback from your own site.