is my mortgage valid after being mos sold life insurance?

joannegavin

justneed some advice as it is hard to get answers from my mortgage company, we took out our mortgage about 3 years ago and were mis sold life insurance, one of the regulations of us getting a mortgage was that we were to have this insurance. we have since went to a company who are dealing with the insurance that was mis sold.
we have just honed the mortgage lenders and they said that we had to have contence and building insurance to go through with the sale which we had neither of.
please someone help and give us advice as we dont know who to turn to now.

Thanks

GAVIN AND JOANNE

beecher2

Yes your mortgage is valid. If you haven't already done so, make sure you have buildings and contents insurance now. Not sure what advice you're looking for - if you're hoping to get out of paying your mortgage then you're out of luck.

_Andy_

Were you actually thinking that you could get out of paying the mortgage? Genius.

dunstonh

we took out our mortgage about 3 years ago and were mis sold life insurance

Have you actually put the complaint in and had it upheld or are you jumping the gun?

we have just honed the mortgage lenders and they said that we had to have contence and building insurance to go through with the sale which we had neither of.

All lenders insist on buildings insurance. It is a mandatory that has to be in force at point of house purchase (or sometimes from exchange of contracts).

please someone help and give us advice as we dont know who to turn to now.

Assuming you have yet to complain and are being encouraged by an ambulance chaser, do you have any evidence that you were mis-sold?

The reason that is important is if you were sold life assurance and you have a financial need for it (married or joint ownership for example) then complaining a few years later that you were forced to have it without evidence of that won't win you the case. The seller wont have any evidence showing your were told you had to have it and you almost certainly wont have any. So, they will then look at whether you had a financial need for it. If you did have a financial need then they will reject the complaint.

As mortgage insurances are standalone, there is no impact on the lending contract. The two things are independent of each other. So, any attempt to get the mortgage made unenforceable would just be laughed at. You would expect a court to throw the costs at you as well.