Mortgage/life insurance advice please.

Mm22

Hello, I am posting to ask for opinion and advice please. I purchased my house in 1996, I was single with no dependants. I was told I "had" to take out mortgage insurance to cover the cost of the house should I die. This was by an independent financial advisor. Being young (21 yrs) naive and it being my first and only home, I did as advised and I've been paying £30 per month to AViva since. Whilst I am finally getting married this year - I still have no dependants and don't plan on any either! Do I have a valid claim that I was I mis sold this insurance which I clearly didn't need and should I continue it in light of my impending marriage? The original mortgage was an endowment one which I successfully claimed back and I've been on a repayment mortgage since but this ultimately extended the term of the mortgage as I had to effectively, start again. As such I will have paid over £9k, did I need to pay this?!! Any help and advice would be gratefully received and paid forward in some fashion. Kindest regards M

Nasqueron

If you went to an independent mortgage advisor they are allowed to insist you buy insurance through them so they get an income, the alternative is that you pay a fee. This model is totally legal and legitimate and there is no miss-selling at all. Moreover, as they were an IFA and it was in 1996 it's 9 years pre-regulation so they don't even need to consider a complaint. I'd hazard a guess your insurance was probably life, critical illness and possibly even contents. The life insurance could be a complaint reason if you had no dependants at the time but you'd be expected to pay them a fee to cover their time work instead and again, pre-regulation so won't go anywhere

dunstonh

I was told I "had" to take out mortgage insurance to cover the cost of the house should I die.

In 1996, many lenders still did have that as a mandatory requirement.

Do I have a valid claim that I was I mis sold this insurance which I clearly didn't need and should I continue it in light of my impending marriage?

If it was required then it was not mis-sold.
If it was not required then it was mis-sold as you were single with no dependent. However, IFAs were not regulated for insurance in 1996.

The original mortgage was an endowment one which I successfully claimed back and I've been on a repayment mortgage since but this ultimately extended the term of the mortgage as I had to effectively, start again.

So, you took out a life assurance policy AND an endowment policy?

haras_nosirrah

21 years old and £30 a month - are you sure this is just life cover or is it critical illness cover with life

I sold someone critical illness and life cover yesterday who is single with no dependents. Critical illness only was precisely 40p a month cheaper than life and critical illness together so she chose to pay the 40p and have the life cover as well