Motgage Assurance Policy

Quickfingers

Hi all, new to this and apols if this has already been discusses but advice needed!

Having missed out (by buying mortgage two months early) on claiming for mis-selling of endowment mortgage I needed to ask whether we were mis-sold mortgage assurance policy and buildings insurance. Original mortgage taken out in May/June 1988 and were told we had to have life assurance and buildings insurance with Nationwide. This has continued to this date.

Does anyone know if this was right?

Again, apologies if already covered in previous forums.

dunstonh

Original mortgage taken out in May/June 1988 and were told we had to have life assurance and buildings insurance with Nationwide. This has continued to this date.

Does anyone know if this was right?

Even today, buildings insurance is a mandatory condition of borrowing. Life assurance was for many mortgages until the mid 90s although some did carry it on until the early 2000s. It is still very common on commercial borrowing.

Yes, both were and still are allowed to be conditions of borrowing.

Quickfingers

Thanks for that. Just wanted to check.