Majority of endowment mortgages missold
Research carried out for the Financial Services Authority suggests the majority of the 11mn existing endowment mortgages were missold, with 60% of customers being told the product would generate enough money to pay off the mortgage in its entirety. Fewer than one in 10 was warned of a possible shortfall. But the regulator is reported to be examining the worst companies with a view to requiring them to review each customer with compensation eligibility in mind.
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