If you answered yes to the above question there is a chance that your Royal Life Pension Mortgage policy was mis-sold and you could be due compensation.
A pension mortgage is a policy where only interest is paid off on the mortgage, combined with a pension pot payment. The idea was that once you get to retirement, the 25% tax free lump sum was supposed to pay off the capital on the house.
In reality this figure never reached the value of your home and if you took the policy out under the age of 40, you're paying interest for much longer than needed.
Many advisors did not take into account the level of experience consumers had.
A pension can potentially have high returns but also comes with increased risk that often didn’t match the attitude of the customer in relation to repaying their mortgage.
Pension Mortgages usually had a length in excess of the standard 25 years.
Many advisors did not discuss that the cost of the mortgage would be ongoing for longer than necessary.
There are many different options to consider when it comes to paying for your home including a capital repayment mortgage.
Many advisors chose the Pension Mortgage for the consumer, often not giving them enough information to make an informed choice.
Even with a risky endowment mortgage you have the option of surrendering it, whereas with a pension mortgage, you are tied in until you retire.
Many advisers did not make it clear that early repayment of the mortgage was not an option.
Compensation to pay back the money you lost and put you in the position you would be in if you had been sold the correct mortgage in the first place
An additional 8% Compensatory Interest can often be added to any mortgage loss suffered.
This is all possible even if you surrendered yo`ur policy, your mortgage has been paid off or you have no paperwork.
We have specialist teams that can also win cases where you have been told you are ‘out of time’ or the firm that sold the policy are no longer in business.
You do not need to use a CMC to make a complaint to a lender or other compensation scheme, such as the Financial Services Compensation Scheme (FSCS). If your complaint is not successful you can refer it to the Financial Ombudsman Service (FOS) yourself fee free.
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