Mortgage with insurance
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OldBeanz
Posts: 1,401 Forumite
PPI has never crossed my mind as I have only ever had a mortgage ihowever, in the nineties I had a fixed rate mortgage with Abbey which required taking their house insurance. Is this covered by PPI?
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Comments
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House insurance covers bricks and mortar.
PPI is Payment Protection Insurance designed to payout if you are unemployed or sick.
PPI is not a blanket description of any and all kinds of insurance, I'm afraid.
In addition, having PPI is not somehow automatically wrong; but it was widely mis-sold.
It's likely that the house insurance was indeed a condition of the mortgage and so not mis-sold.0 -
hich required taking their house insurance. Is this covered by PPI?
Home insurance is home insurance. PPI is PPI. Similar to asking if a banana is an apple as they are both fruit.
Lenders are within their rights to insist on any insurance as a condition of borrowing. Today, they still insist on buildings insurance a minimum. Quite fair and normal.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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