Money Expert Web Sites

I have been receiving e-mails from two money advice web sites. One of them has even saved me some money and even gives a donation to charity for each new subscriber to the web sites. Both sites have article of financial interest. They are Money Saving Expert and Money Info Master have a look and see what you think.

Best wishes for 2007. Ian

Endowment Mortgages

I know a lot has been said about endowment shortfalls, but I would like to add my personal experience, when applying for a mortgage in 1984.

I went to what was then the Abbey National Building Society and they did try to get me to take out an Endowment Mortgage, but I thought it was not suitable to me. I was 25 and single, I also felt that as the tax relief was going down there would be less of a benefit paying interest only. They tried the,' but you could expect £10,000 (on a £15,000 mortgage), I did not think £10,000 would be worth very much after 25 years, as it is houses like mine are about 5 times the price I paid for mine 21 years ago.

I also said I wanted to be sure that the house would be paid off after the 25 years at the latest, the mortgage adviser did not seem to understand that it could be a problem, she also said that if I had wanted a 75% or higher mortgage, there would be no option with them. At that time people tended to take a mortgage with the Building Society that they saved with, the Building Societies even used to say you had a better chance of getting if you saved with them, so little shopping around. I did take a repayment mortgage with which I was able to pay off in 11 years, by paying extra after the 5 years, when a penalty would have been charged.

So how can they say any were not miss-sold when most would have just gone and taken what the Abbey National said they could have, without knowing what questions to ask. Ian