Lloyds mortgage ppi

Sezyb123

I have been told by Lloyds that my ppi on my mortgage was not mis-sold but yesterday I found my original mortgage quotation and it says"where a Tsb mortgagesure premium is shown on any preceding pages of this quotation, you are required to apply for Tsb mortgagesure as a condition of taking the mortgage". Surely this has been mis-sold as they can give you a condition to take it out but they are legally not allowed to say that it has to be theirs, and It says you are required. Plus when I read on more it also said this about my buildings and contents insurance as well. Can anyone help? Thanks.

dunstonh

you are required to apply for Tsb mortgagesure as a condition of taking the mortgage

Well that wraps it up in favour of the bank. They are allowed to insist on it. It used to be very common on mortgage deals to require the purchase of the insurance. That was and is still allowed. The issue is where you are told you should have it when that is not the case.

Sezyb123

dunstonh wrote: »

Well that wraps it up in favour of the bank. They are allowed to insist on it. It used to be very common on mortgage deals to require the purchase of the insurance. That was and is still allowed. The issue is where you are told you should have it when that is not the case.

I would disagree, because they can insist that you get the ppi on the condition of the mortgage but they are not allowed to tell you that it has to be theirs. And I was told it had to be Tsb mortgagesure.

dunstonh

I would disagree, because they can insist that you get the ppi on the condition of the mortgage but they are not allowed to tell you that it has to be theirs.

If the lender insists on insurance as a security of the debt then they cannot insist on their own provider. However, if the deal you buy insists on insurance as part of the overall deal then they can insist on their own insurance as that is the whole point of the deal. LloydsTSB have issued deals like this in the past.