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PPI for Mortgage
Nerdio
Posts: 2 Newbie
I have for years maintained a PPI policy for my mortgage. I chose to, and even shopped around for it. My mortgage is 23 months from completion, and my endowment policy would cover most of the equity now, and I have savings. I am starting to feel that the risk is greatly reduced, if I lost my job that is. What options do mortgage companies generally give you if you are suddenly unable to pay your mortgage (for a short period of time). I ask this because I am thinking of cancelling my PPI.
Thanks
Nerdio
Thanks
Nerdio
0
Comments
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How old is the PPI policy on your mortgage ?
I ask this because you said you are only 23 months away from the end of the mortgage term.
Have you owned the property for 20/22 years ?
PPI was not around then.
Do you mean endowment policy with life insurance ?0 -
FWIW I remember selling ASU in the early-90s so it could be twenty years old or more - Fenchurch was the provider at the time.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
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PPI (or ASU as it was then) became available in the late 80s. However, it wasnt until the very early 90s that it started to become a mainstream productI 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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Kingstreet and Dunstonh are the professionals in this so I stand corrected.
However the question is still the same is it PPI or an Endowment mortgage you have ?0 -
Why not cancel your PPI policy and use the released money to overpay the mortgage instead? Given that you appear to have a shortfall to make up.0
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