Mortgage endowment claims
- ID - Sometimes copies of passports, utility bills etc have been sent where not all of the details were included on the page, e.g., photocopy of passport, with the passport number partially obscured, or on a utility bill, part of the address or date obscured.
- Mortgage history - One of the most common areas needing more detail from CMCs. Some CMCs seem to put in a lot of effort to make the mortgage history as accurate as possible. Invariably where a CMC supplies its own mortgage history form, is usually generic and over-simplified, i.e., the application form (AF) states the client had just one mortgage from policy start date to policy end date; whereas the assignment history shows three different mortgages over the same period. This can lead to frustration when a CMC is asked to complete the FSCS mortgage history form in addition to their own. We require full mortgage statements from the outset to current date including details of any redemptions made (if applicable).
- Joint claims - Often the CMC will send in policy info to support a claim that clearly shows the policy is in joint names. The AF submitted is in single name and the ID is for that one policyholder only. Remember that we will need ID etc for the 2nd policyholder/or proof of sole assignment. All relevant sections of the application form must be signed by all customers/policyholders.
- Full dec & con forms - Occasionally the CMC will send in just the (last) page of the dec & con with the signatures on. We then have to combine the declaration wording page and T&Cs page with the last page, if on file, requesting the full dec & con again if they’re not. If CMC could, therefore, send the entire/complete dec & con initially it would help.
- Application form - Ensure the information provided on the application form (AF) correlates with other information on supporting documents, e.g., lender information. Contradictions in information need to be investigated, which slows down the claim. Ideally, any contradictions, amendments or missing information/documentation etc should be fully explained in the AF.
- Mortgage provider shortfall warning letters – Where possible these should be submitted with the application to FSCS, as sometimes lenders are unable to provide them to FSCS if they were issued more than six years ago.
- Alert us if the mortgage endowment policy has been encashed or sold etc and provide evidence.
- Alert us if the interest-only mortgage has subsequently been switched to a capital & interest repayment basis, or redeemed (either in full or in part) and provide evidence of this.