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Mortgage Guarantee payment insurance
boris8
Posts: 1 Newbie
Hi
I have had a couple of 100% mortgage , which I was charged a Guarantee Payment insurance for. Can this be claimed back Thanks
I have had a couple of 100% mortgage , which I was charged a Guarantee Payment insurance for. Can this be claimed back Thanks
0
Comments
-
No.
Indemnity insurance covered the lender against default. It reduced the lender's risk by insuring the part of the mortgage which went above 75% of the property value.
The borrower derived no benefit from this, but the lender required such cover in return for lending the higher amount the borrower needed.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 -
Hi
I have had a couple of 100% mortgage , which I was charged a Guarantee Payment insurance for. Can this be claimed back Thanks
Simple answer: No.
Your option was to pay it and have a mortgage or not pay it and dont get the mortgage. No wrongdoing on MIG exists.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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