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  • FIRST POST
    • sharktale
    • By sharktale 11th Mar 17, 2:12 PM
    • 75Posts
    • 6Thanks
    sharktale
    Ppi from 1989 on mortgage
    • #1
    • 11th Mar 17, 2:12 PM
    Ppi from 1989 on mortgage 11th Mar 17 at 2:12 PM
    Hi all, I remember when I took my first mortgage in 1989 having £875 added to it as protection cover, we were told we had to have this as part of the mortgage. I'm not sure where the paperwork is, possibly in the loft, myself and my husband are going to go through it, but are we still able to claim if we cant find the original paperwork? If so do we need to contact the bank? ( was a building society at the time of borrowing).
    Thanks for any help
Page 1
    • Nasqueron
    • By Nasqueron 11th Mar 17, 2:36 PM
    • 4,179 Posts
    • 2,326 Thanks
    Nasqueron
    • #2
    • 11th Mar 17, 2:36 PM
    • #2
    • 11th Mar 17, 2:36 PM
    Are you sure it wasn't MIG - were you borrowing more than 90% of the house value?
    • sharktale
    • By sharktale 11th Mar 17, 2:50 PM
    • 75 Posts
    • 6 Thanks
    sharktale
    • #3
    • 11th Mar 17, 2:50 PM
    • #3
    • 11th Mar 17, 2:50 PM
    What is mig? Yes we had 100% mortgage.
    Thanks
    • dunstonh
    • By dunstonh 11th Mar 17, 4:14 PM
    • 88,758 Posts
    • 54,094 Thanks
    dunstonh
    • #4
    • 11th Mar 17, 4:14 PM
    • #4
    • 11th Mar 17, 4:14 PM
    I remember when I took my first mortgage in 1989 having £875 added to it as protection cover, we were told we had to have this as part of the mortgage.
    That wont be PPi then. It will almost certainly be MIG.

    What is mig? Yes we had 100% mortgage.
    When you did not have a sufficient deposit on your mortgage, the lenders charge a high value loan fee known as mortgage indemnity guarantee (MIG). It was to protect them should you default and they lose money in repossession.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from a Financial Adviser local to you.
    • sharktale
    • By sharktale 12th Mar 17, 10:27 AM
    • 75 Posts
    • 6 Thanks
    sharktale
    • #5
    • 12th Mar 17, 10:27 AM
    • #5
    • 12th Mar 17, 10:27 AM
    Ok, thanks for your help.
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