9 February 2005
The Liberal Democrats have called the current shortfall in endowment mortgages "deeply worrying".
According to the most recent figures around six million people are facing shortfalls in their endowment mortgages.
Commenting on yesterday's report, the Liberal Democrat shadow chancellor, Dr Vince Cable said: "The number of people facing shortfalls in their endowment mortgages is deeply worrying."
He added: "Growing numbers will not be able to meet mortgage repayment obligations."
In simple terms this will aggravate the arrears problem - something which lenders have acknowledged.
Dr Cable continued: "The high percentage of cases reaching the financial ombudsman where mis-selling is being proved suggests that the financial institutions were systematically over optimistic or dishonest in their forecasts. "
For Dr Cable swift, precise action is the way forward: "The FSA must now ensure that outstanding claims are dealt with fairly and quickly and salesmen are not able in future to promote products using grossly misleading information."
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