Redundancy Premium included on mortgage

edited 30 November -1 at 1:00AM in Reclaiming Mortgage Fees, Council Tax, etc
4 replies 642 views
IntimidationukIntimidationuk Forumite
3 Posts
Hi all.

Newbie here.

I have recently been looking back through our mortgage related documentation and came across something I'd like to check out.

When we took out our mortgage package we took out a Redundancy Insurance. At the time we decided to take out a 7 year policy and the total amount for that policy was then added to our mortgage.

Is correct and in line with financial compliance?

Just to confirm this isn't a seperate individual monthly payment. This is part of our total outstanding mortgage amount.

I Look forward to any comments.

Replies

  • dunstonhdunstonh Forumite
    107.5K Posts
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    ✭✭✭✭✭✭
    Is correct and in line with financial compliance?

    No. MPPI should be set up and paid monthly. Not as single premium. 99% of single premium MPPI complaints are upheld. Its basically the main reason for mis-sales on MPPI.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • Thank you for the prompt reply.

    What if anything can I or should I do?
  • dunstonhdunstonh Forumite
    107.5K Posts
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    ✭✭✭✭✭✭
    You make a complaint as you would with any mis-sold product.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
This discussion has been closed.
Latest MSE News and Guides

17 Netflix hacks

Cut costs & get more from your subscription

MSE Guides

Beauty Advent calendar round-up

Incl M&S calendar release date

MSE Deals