Mortgage indemnity/ guarantee

emadie_2

Hi

I have successfully reclaimed PPI from Citifinancial. On looking at the agreements I note we paid almost £2000 for this.

Are they able to take this amount and can I claim it back.

Thanks

[Deleted User]

You can't claim it back, you paid this because you wanted a mortgage without a sizeable deposit.
http://www.home.co.uk/guides/mortgage_glossary.htm?mig

emadie_2

Thanks for the reply.

This was for a secured loan on the property.

Is this still the case? I'm not sure it was ever explained to us.

[Deleted User]

emadie wrote: »

I'm not sure it was ever explained to us.

You agreed to it otherwise the mortgage would not have been granted. It protected the lender, not you, and is not refundable. If you didn't want to pay this, you had the choice of saving up for a more sizeable deposit.

Just because you cannot remember it being "explained" to you doesn't mean it will be refunded!

dunstonh

Is this still the case? I'm not sure it was ever explained to us.

Do you normally pay £2000 for things you dont know? As it happens, you would have been told and it doesnt matter anyway as you had no choice but to pay out unless you increased your deposit.

roonaldo

emadie wrote: »

I'm not sure it was ever explained to us.

It will be on your key facts illustration and mortgage offer. If you dont want to pay it put down a bigger deposit.