Mortgage PPI help

Kmc1977

Could somebody please advise me whether I can reclaim the PPI I have on my mortgage.

Looking at my terms and conditions it states 'As this advance exceeds 90% of the equity being purchased, you are required to take out mortgage payment protection insurance. This policy may only be cancelled if the balance of the mortgage falls below 90% of your share of the property's value'.

I was made redundant in 2006 and tried to make a claim on this but was advised that the insurance would not cover me in the event of unemployment, I have also tried to cancel the PPI but have not been able to.

The balance of our mortgage is now below 90% so I do still want to cancel this but as I have been paying £19.50 a month for 12 years for a service that would not cover me anyway I would like to claim this back.

dunstonh

Looking at my terms and conditions it states 'As this advance exceeds 90% of the equity being purchased, you are required to take out mortgage payment protection insurance. This policy may only be cancelled if the balance of the mortgage falls below 90% of your share of the property's value'.

So, the terms of the lending are clear. You had to have it if over 90%. Optional if below.

The balance of our mortgage is now below 90% so I do still want to cancel this but as I have been paying £19.50 a month for 12 years for a service that would not cover me anyway I would like to claim this back.

You havent given any reasons for complaint. What are they?

magpiecottage

You cannot complain about the MPPI per se.

However, if you can prove that it would have been apparent at outset that a different mortgage product, that was available to the adviser, would have been better value then you could complain about that.