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Scale of endowment shortfalls revealed

Standard Life figures indicate nearly half its 1.2m endowment mortgage policies are off target and on its current projection rates 530,000 of its customers will not fully repay their mortgages.

120,000 mortgage holders at Royal Insurance and Sun Alliance, 200,000 at Scottish Life, 100,000 at Prudential; 140,000 at AXA Sun Life, 110,000 at Allied Dunbar, 90,000 at Eagle Star, 73,000 at Norwich Union and 12,000 at Royal London are all in the same boat according to the survey.

The Consumers&#39 Association spokesperson says: &#39This is an appalling catalogue of failure. It is our concern that huge numbers of people were given the wrong advice”.


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The online phenomenon will have a significant impact on the traditionalIFA. Not all consumers understand the value of independent advice and thelegacy of pension misselling has been a damper on business.This is where the internet comes into its own as it is seen as another wayto gain access to significant impartial advice and, by using […]

Market Harboro&#39 hedges its bets with hybrid loan

Market Harborough Building Society has introduced a hybrid mortgage withfixed and flexible features and no extended redemption penalties.The fixed-rate part of the HedgeBetter mortgage is based on a rate of 6.49per cent for two years. The discount is 2 per cent off the society&#39svariable base rate for two years, producing a current rate payable of […]

Britain is “nation of shareholders” says Schwab

Britain is a nation of shareholders, according to new research for Charles Schwab, the online discount broker.From a sample of 2,000 phone interviews carried out in February, Schwab found 13.5 million Britons have a stockmarket investment of some kind, including shares held directly or unit and investment trusts. A further 2.7 m people have considered […]

Securitisation bolsters Mortgages plc

Sub-prime lender Mortgages plc says its securitisation of £180m ofmortgage assets will bring greater scope in its future lending.The securitisation is being managed by Barclays Capital and Merrill Lynch.The lender is planning a further £200m securitisation to be managed byMorgan Stanley later this year.Mortgages plc describes itself as having a “great appetite for business”for the […]


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