MOrtgage ppi

YDNAM_2

Sorry if this is a bit niaive, but do mortgage lenders sell PPI with their mortgages? I have been with santander now for about 20 years an wondering if I am paying this...

dunstonh

Sorry if this is a bit niaive, but do mortgage lenders sell PPI with their mortgages?

Yes. The product is still available. It is generally regarded as the one PPI that is worth having.

I have been with santander now for about 20 years an wondering if I am paying this...

Check your bank statement. One of the reasons MPPI gets fewer complaints is that it is nearly always set up correctly as a monthly premium direct debit from your current account.

dantopofsnowdon

Hi, this is my first ever post so excuse if I'm not in the right place. In 1999 we took out a mortgage with Yorkshire Building Society (who we are still with) - at the final hurdle their written mortgage offer came with an additional Mortgage Risk Payment of £1,190. I rang and was told that unless we paid that amount then we could not have the mortgage. We were already under pressure from the seller to complete within a few weeks or they were going with other buyers so we felt pressured into getting the MRP. We could not afford to pay the amount upfront, so it was put on to our mortgage. We had already signed a form stating that we did not require PPI and we were both in full time employment so I do not understand why we had to pay this in any event. Do I have the right to reclaim?

dunstonh

I rang and was told that unless we paid that amount then we could not have the mortgage.

Which was quite normal for MIG payments.

so we felt pressured into getting the MRP

There was no pressure. You had a choice. Pay it and get the mortgage or dont pay it and dont get the mortgage.

We could not afford to pay the amount upfront, so it was put on to our mortgage.

Not an uncommon scenario and allowed.

We had already signed a form stating that we did not require PPI and we were both in full time employment

Excellent. The complies with the Council of Mortgage Lender recommendations at the time. So far so good.

so I do not understand why we had to pay this in any event. Do I have the right to reclaim?

You appear to be mixing up PPI with MIG. They are two totally different things. No, you have no right to reclaim.

dantopofsnowdon

Yes, I agree I have mixed the two up. Comes with not having a clue about such things:( although I am learning.

Thanks for taking the time out to reply - I will put this little annoyance to bed then. :T