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    ted your 300 monthly repayments the property was yours. It was all very straightforward until the endowment mortgage arrived. With this you paid only the interest due, with a promise of lower monthly commitment. At the end of
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    Back in the 1980s word went around that there was a wonderful new way to pay your mortgage. In those days the process of getting and running a mortgage was almost sacrosanct, and little variation was available. A fairly common route to take was to open an account at the Building Society of your choice, and to put in as much money as you could, the intention being to prove to said Building Society that you were prudent and could be trusted with their money.

    When the time for a mortgage arrived, it was best suit on for an appointment with the branch manager to convince him of your dependability, and if you were successful you were given a (typically) 25 year repayment mortgage. Inflation was your friend because you usually started off committed to a monthly repayment which made yours eyes water, but as time went by the real value of this dwindled in significance.

    When you had completed your 300 monthly repayments the property was yours. It was all very straightforward until the endowment mortgage arrived. With this you paid only the interest due, with a promise of lower monthly commitment. At the end of t

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    route to take was to open an account at the Building Society of your choice, and to put in as much money as you could, the intention being to prove to said Building Society that you were prudent and could be trusted with their money.

    When the time for a mortgage arrived, it was best suit on for an appointment with the branch manager to convince him of your dependability, and if you were successful you were given a (typically) 25 year repayment mortgage. Inflation was your friend because you usually started off committed to a monthly repayment which made yours eyes water, but as time went by the real value of this dwindled in significance.

    When you had completed your 300 monthly repayments the property was yours. It was all very straightforward until the endowment mortgage arrived. With this you paid only the interest due, with a promise of lower monthly commitment. At the end of

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    When the time for a mortgage arrived, it was best suit on for an appointment with the branch manager to convince him of your dependability, and if you were successful you were given a (typically) 25 year repayment mortgage. Inflation was your friend because you usually started off committed to a monthly repayment which made yours eyes water, but as time went by the real value of this dwindled in significance.

    When you had completed your 300 monthly repayments the property was yours. It was all very straightforward until the endowment mortgage arrived. With this you paid only the interest due, with a promise of lower monthly commitment. At the end of

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    t mortgage. Inflation was your friend because you usually started off committed to a monthly repayment which made yours eyes water, but as time went by the real value of this dwindled in significance.

    When you had completed your 300 monthly repayments the property was yours. It was all very straightforward until the endowment mortgage arrived. With this you paid only the interest due, with a promise of lower monthly commitment. At the end of

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    ted your 300 monthly repayments the property was yours. It was all very straightforward until the endowment mortgage arrived. With this you paid only the interest due, with a promise of lower monthly commitment. At the end of the term a sum would be handed to you which would be sufficient to pay off the capital sum of the mortgage and leave you with enough to enjoy a brief excursion into the wild life of regular meals and even exotic holidays, which in extreme cases may even have been outside the UK!

    That was the dream which was eagerly taken up by many hardworking mortgage owners and unfortunately, also by some over eager salesmen. The sum necessary to pay off your mortgage was not guaranteed, and in the majority of cases it didn’t. Therein lies the formation of the mis-selling scandal; many building societies took great care to explain to their mortgage customers the modus operandi of the endowment system and the many pitfalls which could trap the unwary. Tragically many individual salesmen and some building societies omitted to adequately cover some of the less palatable facts.

    This created great dis

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