Could you explain some legalese?

kath99

I am looking at my original mortgage agreement, and can see there is a payment included for 'mortgage repayment protector premiums' which I assume is PPI. 14 years on, this doesn't appear as a separate payment on my bank statements so I don't know if I am still paying it. I am trying to decide if I need it, or whether I should consider making a claim, as I was told at the time it was required.

On the next page is the statement I don't understand, and would like someone to explain what it means:

'Security, in the form of a legal mortgage over a suitable property and over approved life policies covering the amount and term of the loan, is required.'

This doesn't sound like it relates to PPI, rather it sounds like it's telling me I must have life policy insurance (and a mortgage) as a security (?). It would be handy if their own paperwork stated PPI was required!

thanks in advance

tifo

Yep, it's saying you need a life assurance policy to pay the mortgage off.

[Deleted User]

Life assurance is not PPI, of course, and it's difficult to argue there was no need for such insurance unless you are immortal.

dunstonh

and can see there is a payment included for 'mortgage repayment protector premiums' which I assume is PPI.

Although some life assurance plans have names like that.

I am trying to decide if I need it, or whether I should consider making a claim, as I was told at the time it was required.

It may well have been required at the time. Both MPPI and Life assurance were common requirements for mortgage deals with some requiring it right up to the early 2000s. In the 90s, they were very common.