Reclaim Mortgage Protection?

Myrtle-the-Turtle

Approximtely 14 years ago my husband and myself stood Guarantor for my mother-in-law who wanted to buy her council house. The Mortgage was arranged by a broker through Northern Rock and Mortgage Protection approx. £44.00 a month was arranged with Legal and General. The Mortgage was only on offer if this Mortgage Protection was taken out. My husband and I were both working full time, we owned our own house, we had a good credit record, and had been with our employers for over 20 years, hence if either of us fell ill we had full sickness renumeration for one year. Given our circumstances, my question is was it legitimate that we had to take out this Mortgage Protection?

dunstonh

he Mortgage was only on offer if this Mortgage Protection was taken out.

If that is the case then it was not mis-sold.

Given our circumstances, my question is was it legitimate that we had to take out this Mortgage Protection?

if it was a requirement then it cannot be mis-sold.

However, that is largely irrelevant as you say you used a broker and the sale is pre-regulation. So, they don't even have to consider your complaint.

Mortgage protection is a generic term that could be MPPI or could be life assurance. Legal and General offered either. So, which was it?

[Deleted User]

Myrtle-the-Turtle wrote: »

my question is was it legitimate that we had to take out this Mortgage Protection?

Yes it was legitimate.

It would only have been mis-sold if you were told it was compulsory and it was optional. It actually WAS compulsory.

"Working full time" only indicates that you had need of the insurance, you were not immune to redundancy.

You have no complaint.

It sounds as if the mortgage provider insisted on this insurance in order for you to stand guarantor. Hardly surprising, given the risks.