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  • FIRST POST
    • choppy-c
    • By choppy-c 14th Mar 17, 1:13 PM
    • 49Posts
    • 2Thanks
    choppy-c
    Is this ppi ?
    • #1
    • 14th Mar 17, 1:13 PM
    Is this ppi ? 14th Mar 17 at 1:13 PM
    Greetings all,

    we have bought 3 houses in our time as self employed then as ltd co so maybe not the best income stream the mortgage co wanted to see we have each time been made to pay a 1 off insurance policy (say £ 5-800) before mortgage granted

    Is this PPI ?

    I would add that both mortgages we have paid off well before term

    Thanks
Page 1
    • Nasqueron
    • By Nasqueron 14th Mar 17, 1:37 PM
    • 4,047 Posts
    • 2,335 Thanks
    Nasqueron
    • #2
    • 14th Mar 17, 1:37 PM
    • #2
    • 14th Mar 17, 1:37 PM
    Greetings all,

    we have bought 3 houses in our time as self employed then as ltd co so maybe not the best income stream the mortgage co wanted to see we have each time been made to pay a 1 off insurance policy (say £ 5-800) before mortgage granted

    Is this PPI ?

    I would add that both mortgages we have paid off well before term

    Thanks
    Originally posted by choppy-c
    Given the sum paid and the nature of your finances, especially if you were borrowing more than 90% of the house price, it sounds more like a MIG which is an insurance for the bank in case you stop paying. These were mandatory and you cannot complain about them as you could have saved more money or borrowed less
    • dunstonh
    • By dunstonh 14th Mar 17, 1:52 PM
    • 89,548 Posts
    • 55,995 Thanks
    dunstonh
    • #3
    • 14th Mar 17, 1:52 PM
    • #3
    • 14th Mar 17, 1:52 PM
    we have bought 3 houses in our time as self employed then as ltd co
    Which means you are not self employed.

    Is this PPI ?
    No.
    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 an Independent Financial Adviser local to you.
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