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Mortgage Indemnity Payments
DuPres
Posts: 2 Newbie
Hi: On reviewing my mortgage history I have uncovered paperwork showing that I paid large "mortgage indemnity" fees to a building society in 1990 and a bank in 1991. These payments were mandated because I had a greater than 75% mortgage against house value. Does anyone know if these payments fall under the mis-sold PPI umbrella and if so does the 1990 date fall into an allowable timeline for me making a valuable claim?
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Comments
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They have nothing to do with PPI.
They were premiums paid for insurance cover for the lender for additional security for a high loan to value.
The practice of arranging such cover was discontinued around 2000 by many lenders, but the cover was a legitimate requirement.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Many thanks for the prompt reply.0
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There was actually talk about it coming back at one point during recent years but it didnt happen as property prices didnt fall as much as expected.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
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I was in the Stafford Railway the other day - we save there.
I picked up one of their mortgage leaflets and they are still arranging MIG for advances over 75%.
Took me back a bit!;)I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
any complaint would be time barred anyway. you would just get a jog on letter0
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