mortgage protection

mazza552

I took out a decreasing mortgage cover plan in 2005 due to being informed it was essential and I could not get a mortgage without it. Does this entitle me to claim back as being mis sold as with a PPI?

misschicken

If you were told it was a condition of the mortgage and this was untrue then that would be cause for complaint.

roonaldo

misschicken wrote: »

If you were told it was a condition of the mortgage and this was untrue then that would be cause for complaint.

it wouldnt have been a conditon of mortgage in 2005, as on mortgage offers it would appear in section 9 under optional insurance

roonaldo

mazza552 wrote: »

I took out a decreasing mortgage cover plan in 2005 due to being informed it was essential and I could not get a mortgage without it. Does this entitle me to claim back as being mis sold as with a PPI?

its not PPI, its life insurance

dunstonh

I took out a decreasing mortgage cover plan in 2005 due to being informed it was essential and I could not get a mortgage without it. Does this entitle me to claim back as being mis sold as with a PPI?

Are you married or have a partner or children? If so, then it is essential for their financial welfare and that is why the vast majority of the population take out life assurance to cover their mortgage.

If you are single, no dependents and it's a sole mortgage and you have no-one living with you then you would have grounds for complaint.

bestofthebest_2011

Me too. My mortgage advisor told me that I have to take out the Decreasing Mortgage Cover Plan alongside the Life Assurance plan from Zurich Insurance in order to get my Mortgage which at the time I was living all by myself, I was single and it was a sole Mortgage. I still got it until Feb 2011 and change my insurance to NatWest. I also have my paperwork with it with my home insurance policy number and also increase in price from 15.88 in 2006 to 21 in 2008 then increase again to 48.9 in 2010 monthly (don't know what decrease means as it has obviously increased then decrease), isn't it weird? Am I entitle for a reclaim? If so, I've heard that this is not PPI. What shall I do in order to claim it back? Please advice.
Thank you.