Is This A Case Of Mis-sold Mortgage

johncon_2

When me and the wife we took out our mortgage about 8 years ago, we where told that we could only have life insurance and mortgage protection on one person, and that had to be the one with the largest income, is this correct?? And more importantly is this a case of mis-sell??
Thanks John

dunstonh

and that had to be the one with the largest income, is this correct??

For MPPI it is correct that these are single life basis (although some allow joint but the benefit is reduced from 100% on one name to balance between you. i.e. 70/30, 60/40, 100/0).

And more importantly is this a case of mis-sell??

Years ago it often used to be a requirement to have insurances with the lender and if that was the rule at the time then so be it. That is no longer the case though.

If they didnt need it and told you they did then it is a mis-sale. However, unless you were not eligible or didnt have a financial need for it, then its really unlikely you would get anywhere with a complaint as you would almost certainly have no evidence you were told that. They on the other hand will have a needs analysis and a report and cancellation rights sent that say you chose to have it and that you had a financial need for it and had the opportunity to cancel if you wanted.