Does PPI carry over after switching lenders/remortgaging?

maom_2

I've been combing over our finances and have realised we're still paying PPI (never knew we'd purchased it) on our original mortgage from 5 years ago.

We've switched lenders/remortgaged with 2 companies over the past 3 years and didn't take PPI on these since we didn't want it.

My question is, are we entitled to claim these funds back as the original lender no longer holds the mortgage, but has been charging us PPI for the past 5 years?

Many kind thanks in advance.

(Please be gentle, it's my first post.)

marshallka

I will try and bump this for you for dunstonh to take a look at this as its mortgage PPI. I am sure they will be on later so keep watching the thread.

maom_2

That's very kind of you. Many thanks!

di3004

maom wrote: »

I've been combing over our finances and have realised we're still paying PPI (never knew we'd purchased it) on our original mortgage from 5 years ago.

We've switched lenders/remortgaged with 2 companies over the past 3 years and didn't take PPI on these since we didn't want it.

My question is, are we entitled to claim these funds back as the original lender no longer holds the mortgage, but has been charging us PPI for the past 5 years?

Many kind thanks in advance.

(Please be gentle, it's my first post.)

Hello and welome.;)

Dunstonh as Marshallka says should be able sort this one out for you, as a knowledgable financial adviser, good luck with this.;)

marshallka

If you are around dunstonh can you please give your knowledge to this one.

di3004

And bumping.......:D

dunstonh

Thanks the PM and bumping....

My question is, are we entitled to claim these funds back as the original lender no longer holds the mortgage, but has been charging us PPI for the past 5 years?

Most MPPI plans cover your mortgage irrespective of lender. So, remortgaging doesnt matter. That said, there are some MPPI plans are tied to the specific lender and will only cover them. I think Nationwide is an example of that.

In cases where there is no tie to the lender, you have no reason to get a refund and what not be successful in a complaint.

In cases where it is tied to the lender, you probably wouldnt have much grounds legally as the insurance and mortgage are not explicitly linked in that the insurer cant usually talk to the lender and vice versa due to data protection. So, the insurer wouldnt know you moved the mortgage. The lenders in these cases often do state in their farewell letter that you should cancel your insurance if it no longer applies to you.

If you do have a lender specific MPPI then you could give it a try. In a case like this its not going to harm any individual or create a cost unfairly by asking if they will refund it from the point the mortgage closed. It would be a goodwill case on their part and some complaints like this get treated on the basis of fairness rather than legality and you would be surprised by their response. Not all banks are horrible with complaints and some give in on certain things much quicker than you expect or even they ought to.

maom_2

:TThank you very, very much for your clear, concise reply! Many thanks as well to the kind folks who bumped this thread, too.