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Mortgage Protection policy
susie8383
Posts: 1 Newbie
HI
I am ex Barclays staff and still have a staff mortgage. When I took out the mortgage 20+ years ago and it was compulsory to take out a policy with Barclays Life which would repay the mortgage in the events of our death. This is paid by a monthly DDR.
Is this classed as MPPI
Thanks
I am ex Barclays staff and still have a staff mortgage. When I took out the mortgage 20+ years ago and it was compulsory to take out a policy with Barclays Life which would repay the mortgage in the events of our death. This is paid by a monthly DDR.
Is this classed as MPPI
Thanks
0
Comments
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No it isn't.
It's life cover which many lenders said was compulsory at that 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 -
HI
I am ex Barclays staff and still have a staff mortgage. When I took out the mortgage 20+ years ago and it was compulsory to take out a policy with Barclays Life which would repay the mortgage in the events of our death. This is paid by a monthly DDR.
Is this classed as MPPI
Thanks
MPPI is MPPI
life assurance is life assurance. A very different product to MPPI. Its a bit like asking if car insurance is PPI.
Compulsory insurance is allowed. It is a myth spread by misunderstanding or dodgy claims companies that says it isn't. You still see insurance as a condition of borrowing today. Most commonly buildings insurance but life assurance is still a common requirement on commercial borrowing.I 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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