Intelligent finance and life assurance

darkangel2000

Hi,

Wondering of someone can point me in the right direction.

About 10 years ago up until 6 years ago, we had a mortgage with Intelligent Finance and as part of it we were told that we needed to have life insurance to cover the value of the mortgage. We've continued this until we changed mortgage provider.

Talking in work someone suggested this is missold? We've never considered it before. The only problem is we don't have the mortgage details any more, but we do know the life assurance details which were with clerical medical.

Anyone got any advice?

Thanks

Darren

dunstonh

Talking in work someone suggested this is missold?

How?

It used to be common for lenders to insist on life assurance as part of mortgage. Indeed, it is still allowed today. Although you dont see it much anymore. Also, if you used a mortgage broker, then they are allowed to insist on an insurance policy if they are providing free mortgage advice as long as the insurance policy is suitable.

Anyone got any advice?

You say "we" which sounds like it was a joint mortgage. So, you clearly had a financial need for the policy (unless you are immortal). Most people take out life assurance on their mortgage for obvious reasons. So, what exactly would your complaint be?

meer53

darkangel2000 wrote: »

Hi,

Wondering of someone can point me in the right direction.

About 10 years ago up until 6 years ago, we had a mortgage with Intelligent Finance and as part of it we were told that we needed to have life insurance to cover the value of the mortgage. We've continued this until we changed mortgage provider.

Talking in work someone suggested this is missold? We've never considered it before. The only problem is we don't have the mortgage details any more, but we do know the life assurance details which were with clerical medical.

Anyone got any advice?

Thanks

Darren

Yes, don't believe all you hear at work and listen to dunstonh.

darkangel2000

Thanks for the comments. I wasn't sure there was anything to this personally, hence the reason for checking. It was just that no one I know was told they had to have life cover as part of the mortgage requirements.

Cheers

Darren