Is mig a ppi

safestored4

MIGs were not just there to protect the lender against the possibility of a shortfall should the house have to be repossessed and sold. In many cases they were nothing more than a source of additional income to the lender marketed under that guise.

We had our mortgage with what was then the Birmingham Midshires Building Society. In 1992, some 13 years into the mortgage we made a preliminary enquiry about additional borrowing to finance a possible extension. At the time the house was worth around £130,000 and our mortgage was £18,000. We were offerred the additional £20,000 we required but this was conditional upon us taking out a MIG. Partly based upon this we decided not to go ahead.

Everything that you have been advised above is true and you don't have any cause for complaint, but if our experience is anything to go by MIGs were yet another racket by the financial services industry.

[Deleted User]

safestored4 wrote: »

Everything that you have been advised above is true and you don't have any cause for complaint,

This is key, but I agree that MIG was an easy form of income for the Banks.

Spacemates wrote: »

? Hi I have not opened another account I have not been on in a while,

Yes you have
http://forums.moneysavingexpert.com/member.php?u=259605
Your old account is here:
http://forums.moneysavingexpert.com/member.php?u=2520500


You posted the same details to this and another thread.

Regardless, please don't duplicate your posts, the same people read them.