PPI on Mortgage

ukblondie1

Would this show on all mortgage statements?

Thanks

magpiecottage

ukblondie1 wrote: »

Would this show on all mortgage statements?

No it will show on your bank statements if it was payable monthly.

Why do you think it was missold?

dunstonh

Would this show on all mortgage statements?

Typically no but it doesnt matter if it does. Although if it does, it would mean it is set up correctly as monthly premiums is how it should be.

roonaldo

Ive seen PPI show on mortgage statements, then sometimes not. It depends how it was set up, some lenders will setup it and collect it in same DD as mortgage payment. Some lenders will setup a seperate DD.

dunstonh

Old fashioned mortgages used to collect the insurances with the mortgage. Often by using a sub account. It used to the norm and some of those mortgages still exist. Now, it is very unusual to see it unless it is a old mortgage.

It really doesnt make any difference though as all are paid monthly. The single premium MPPI (which is where the wrong doing is with MPPI) were not done by the mortgage lenders and the lender wouldnt know if MPPI is included or not.

roonaldo

depends on lender, as i said ive seen many and im talking post icob.

magpiecottage

roonaldo wrote: »

depends on lender, as i said ive seen many and im talking post icob.

Sorry - thinking of my own client base who would set it up independently of the loan.

roonaldo

magpiecottage wrote: »

Sorry - thinking of my own client base who would set it up independently of the loan.

Halifax is the first that springs to mind, the TMPP policcy is setup as a stand alone and is paid for by a seperate DD. Abbey payment care was standalone too by a seperate DD.

Where as some others such as Alliance and Leicester used to add it onto the monthly mortgage payment, and would appear on mortgage statements.

dunstonh

I remember seeing Halifax ones with them integrated but not for over a decade. I have seen A&L with standalone by d/d. So, I wonder if this really is a "date" issue.

However, whether it is d/d monthly or via the mortgage monthly, both methods are fine and correctly set up. So, the single premium excuse that works well on loan PPI wont work with MPPI when its monthly.

karloun

hi all, needing some advice please. My mortgage was with mortgage lender for 5 years, when the fixed rate ended I shopped around and moved the mortgage to the best deal I could find. Can I claim PPI off the original lender? Will it affect my current mortgage (held elsewhere). Many thanks in advance.

dunstonh

Can I claim PPI off the original lender?

You make your complaint (not claim as that means something else) to the person that sold the insurance.

Will it affect my current mortgage (held elsewhere).

No.

Remember that having MPPI is not a mis-sale reason. It has to have been sold incorrectly or set up incorrectly. You cant just claim back your premiums on a whim.