Quick question regarding Mortage Protection

nicenswift

I took out my first mortgage in 1998 with Abbey (now Santander).

They sold me there own Mortage Protection at the time and I am sure they said that I had to have it or no mortgage.

Is Mortgage Protection the same as PPI, and could I look at claiming back.

Regards and thanks

marshallka

Was it a stand alone monthly or a single premium MPPI?

nicenswift

marshallka wrote: »

Was it a stand alone monthly or a single premium MPPI?

Not sure I know what you mean sorry.

It was a monthly fee I paid which was seperate from my mortgage payment.

Thanks

marshallka

nicenswift wrote: »

Not sure I know what you mean sorry.

It was a monthly fee I paid which was seperate from my mortgage payment.

Thanks

So it was not a single premium (which is a loan to pay a premium up front to the insurer).

As it was a stand alone MPPI which year was it taken out because there was a time when they could insist (I think) on MPPI being taken out alongside your mortgage. Did it cover you?

(Sorry just seen it was 1998!)

nicenswift

marshallka wrote: »

So it was not a single premium (which is a loan to pay a premium up front to the insurer).

As it was a stand alone MPPI which year was it taken out because there was a time when they could insist (I think) on MPPI being taken out alongside your mortgage. Did it cover you?

(Sorry just seen it was 1998!)

It covered myself and my wife

dunstonh

They sold me there own Mortage Protection at the time and I am sure they said that I had to have it or no mortgage.

Quite possible as Santander frequently packaged deals that required another product. They still do it today and it is quite acceptable to do that.

Even if you didnt have one of the deals that required it and you were told porkies by the bank clerk, what evidence do you have to support your accusation? This is important as MPPI does not have quite the same issues as loan and credit card PPI and a far lower uphold rate as its still considered best advice to have MPPI and quite easy for them to justify it. So, if you dont have evidence of wrong doing and they can show it set up correctly (monthly premium, not single premium and you are eligible for cover and have a need for it) then its unlikely a complaint would be upheld.

leezoeharley

I have recently had a claim upheld for monthly paid mortgage protection from Santander. If you believe you were mis-sold it, make a complaint.

dunstonh

leezoeharley wrote: »

I have recently had a claim upheld for monthly paid mortgage protection from Santander. If you believe you were mis-sold it, make a complaint.

Can you put your complaint in context. Just because you had a valid complaint, doesnt mean everyone who has MPPI will. Being monthly payment makes it less likely to be upheld but it still needs to comply in other areas.

Why was yours upheld?

leezoeharley

I am not saying every complaint will be witheld, however, if the OP believes they were mis-sold then they should simply make the complaint.

My complaint was based upon the fact that my husband and I both had jobs with Blue Chip Companies (and still do) who offered 6 months full pay and 6 months half pay for sickness (which the advisor was well aware of) amongst other benefits but were told that we would risk not getting our mortgage if we did not take the cover, so effectively felt bullied into taking out a product which was clearly not needed!

marshallka

leezoeharley wrote: »

I have recently had a claim upheld for monthly paid mortgage protection from Santander. If you believe you were mis-sold it, make a complaint.

Well done. Seems loads of MPPI complaints on here just lately.

I agree that if you feel it was missold to you then make the complaint.

leezoeharley

marshallka wrote: »

Well done. Seems loads of MPPI complaints on here just lately.

I agree that if you feel it was missold to you then make the complaint.

Thank you, we are very pleased with the outcome and although after my first post on here I felt as though I wouldn't really have a case as it was their word against ours but it just proves that it was worth making the call. :j