Can we cancel PPI on mortgage?

charley83

Hi there,
I've recently been employed as a teacher, starting this September. I share a house with my partner and we currently have payment protection on the mortgage. I have read up that teachers are exempt from PPI on mortgages and loans, so can we cancel it as of September?
Advice much appreciated.

koexelek

Check the small print of the contract.
Some contracts are underwritten on the job at outset.
For example, some companies would not insure a teacher.... but if you were a postman when you took the policy out, but are now a teacher, they might still honour any potential claim.

opinions4u

charley83 wrote: »

Hi there,
I've recently been employed as a teacher, starting this September. I share a house with my partner and we currently have payment protection on the mortgage. I have read up that teachers are exempt from PPI on mortgages and loans, so can we cancel it as of September?
Advice much appreciated.

You should be able to cancel the policy at any time, but your line "I have read up that teachers are exempt from PPI on mortgages and loans" makes me worried about your reading materials. Please expand on what you've read.

Do teachers not get ill occasionally?

While rare, teachers can still potentially be made redundant. The changing face of the government finances makes this more of a possibility in the next year or two.

I would personally fear illness more than job loss in the teaching profession. Perhaps seeing an IFA about the possibility of permanant health insurance to cover part of your wage would be a better option.

koexelek

opinions4u wrote: »

I would personally fear illness more than job loss in the teaching profession. Perhaps seeing an IFA about the possibility of permanant health insurance to cover part of your wage would be a better option.

I agree with this.

I think the OP was making the point though, that a lot of insurance companies now class teachers as " high risk", so won't insure them, full stop.

opinions4u

koexelek wrote: »

I think the OP was making the point though, that a lot of insurance companies now class teachers as " high risk", so won't insure them, full stop.

It's a few years since I''ve seen a table of risk professions, but I have to ask ... really?!!

Perhaps my experience of selling one size fits all lender policies has sheltered me, but I fail to see why a teacher would be higher risk than the postman in your example!

Genuinely gobsmakced.

charley83

Hi there,
Thanks for the advice - I'll have a read through my contract and the PPI T&C, but probably stick with it if there's any uncertainty as I'd rather be safe than sorry!! I first saw teachers are exempt on the TES, but seen it on many general sites since.

I also must admit I'm suprised teaching is a 'high risk' profession - the mortgage company actually looked at us favourably when we explained I was soon to qualify as a teacher. Even more so, won't we always need teachers?!?!?!

opinions4u

charley83 wrote: »

Even more so, won't we always need teachers?!?!?!

A simple way to cut back on salary costs would be to increase primary class sizes from 30 to 33.

You could then reduce the number of primary teachers by between 5 and 10% and still ensure all our little treasures get an education!

charley83

But as birth rates increase there's more pupils. The times when they can increase class sizes are when they close schools (as seems to becoming more prominent).
I work in Primary and must say there really aren't that many jobs about at the mo, but many secondary schools are struggling to get teachers. Anyway at least I have a job for the foreseeable future and I will work my butt off to keep it

charley83

SIC: (as seems to be becoming more prominent).

Hmm... maybe my job isn't so safe :rolleyes: