The Financial Ombudsman Service is bracing itself for a rise in complaints about with-profits mortgage endowment policies over the next couple of years.
In 2012, it will be a quarter of a century since banks and building societies really started pushing endowment mortgages on the back of a (then) soaring housing market. As the typical mortgage lasts for 25 years, there will be possibly hundreds of thousands of endowments maturing.
Unless the fortunes of the stock market are totally transformed in the next year or two, the majority are likely to leave their holders disappointed, at best with a much smaller surplus over their mortgage than they were originally led to believe and at worst with the policy proceeds proving woefully inadequate to meet the mortgage debt.
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