This Is Money reports that with-profits (a misleading description if ever there was one) mortgage endowments with Royal London Mutual and Scottish Life will face a shortfall when their policies mature.
Hapless holders of 25 year £50 per month with-profits policies from Royal London Mutual will face a fall on policies maturing this year of 3.3%, compared with the previous year.
Scottish Life, which is part of Royal London Mutual, offers a worse return (4% down).
95% of all mortgage endowment policyholders at Scottish Life will face a shortfall, 53% of those with Royal London.
Lousy results from a lousy product.