| The Great British Endowment Mortgage Rip-Off | |
The Mortgage Rates in the USA HERE'S MY RESPONSE TO THE BBC PANORAMA PROGRAM AIRED TONIGHT (Monday 22nd May 2000) Contrary to some of the response, I thought your program was excellent. I was in the Financial Services industry for 24 years and have been both a Tied agent and an IFA. I finally 'escaped' the industry (thank god) in 1997 - just after passing all my examinations!! What caused me to leave was that I last worked for a major high street bank, where they actually tried to FORCE me to sell mortgage endowments!! I rarely sold an endowment, but if I did it had to be a product that was guaranteed to pay of a persons mortgage, albeit they paid higher premiums that guarantee to accumulate the necessary funds at redemption. When you consider that most endowment premiums use up to 35% in commission, it's hardly surprising that these policies are vulnerable to paying off mortgages. Why is it the Britain is the ONLY country in the world to utilise endowments for mortgage purposes? I'll tell you why - it's all part of the Rip-Off culture that pervades this land. I have a capital repayment mortgage -and am glad of it!! Editor, www.rip-off.co.uk |
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