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Mortgage Imdemnity
glennigogs
Posts: 7 Forumite
Hi
I took out an 25 year term Endowment Mortgage in 1991. It was originally a joint endowment, but after 1996, my partner left, so it was altered so that just myself was to benefit (although for some reason which I cannot remember now, his name had to be kept on the title, so that I would benefit from his death???).
Well, because it was something like a 95% mortgage, and indemnity was charged, which we were told would be filtered into the payments (and some of it I think was paid upfront - though not sure).
Is this the sort of thing I can claim for under the "mis-sold" bracket, as it was never claimed against and I never missed a payment?
I did change my mortgage plan an numerous occasions since, and assume the indemnity went with the first mortgage - but was there a chance that it was attached to the Endowment which is still running? I can't remember.
Anyhow, advice on all aspects of this would be well appreciated. I have a friend who went through a sucessful ppi claim recently, so I know where I can go if I have a chance of reclaiming. I think she said it was through this forum that she checked out her ppi claim company.
Ta! Glen:)
I took out an 25 year term Endowment Mortgage in 1991. It was originally a joint endowment, but after 1996, my partner left, so it was altered so that just myself was to benefit (although for some reason which I cannot remember now, his name had to be kept on the title, so that I would benefit from his death???).
Well, because it was something like a 95% mortgage, and indemnity was charged, which we were told would be filtered into the payments (and some of it I think was paid upfront - though not sure).
Is this the sort of thing I can claim for under the "mis-sold" bracket, as it was never claimed against and I never missed a payment?
I did change my mortgage plan an numerous occasions since, and assume the indemnity went with the first mortgage - but was there a chance that it was attached to the Endowment which is still running? I can't remember.
Anyhow, advice on all aspects of this would be well appreciated. I have a friend who went through a sucessful ppi claim recently, so I know where I can go if I have a chance of reclaiming. I think she said it was through this forum that she checked out her ppi claim company.
Ta! Glen:)
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Comments
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Is this the sort of thing I can claim for under the "mis-sold" bracket, as it was never claimed against and I never missed a payment?
No you cant.I did change my mortgage plan an numerous occasions since, and assume the indemnity went with the first mortgage - but was there a chance that it was attached to the Endowment which is still running? I can't remember.
it has nothing to do with the endowment. Every mortgage would have had it if you were over 75-85% loan to valuation until the point that the lenders decided to take on the risk cover themselves (which was around mid 90s onwards)
There is nothing wrong with MIG and nothing to complain about.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Hi Dunstonh.
Thanks for getting back to me, and letting me know. It was a shot in the dark, but At least it's saved me a job! :-)
Glen0
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