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What is Additional Mortgage Security fee
cowmoonk
Posts: 1 Newbie
Can anyone help me understand what an Additional Mortgage Security fee is?
When I took out my mortgage I was forced to pay an "Additional Mortage Security Fee" - is this the same as a PPI or is it something different?
Thanks
When I took out my mortgage I was forced to pay an "Additional Mortage Security Fee" - is this the same as a PPI or is it something different?
Thanks
0
Comments
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This may be required with the mortgage exceeds a certain percentage of the value of the property, usually 75%. It is an up-front, one-off fee paid to the broker to protect against the borrower defaulting on the mortgage. It can also be know as Indemnity Guarantee Premium or Mortgage Indemnity Premium.
I have looked at this before and this is what it is and is mostly a one off premium so not actually PPI.0
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