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Ppi from 1989 on mortgage
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sharktale
Posts: 81 Forumite
Hi all, I remember when I took my first mortgage in 1989 having £875 added to it as protection cover, we were told we had to have this as part of the mortgage. I'm not sure where the paperwork is, possibly in the loft, myself and my husband are going to go through it, but are we still able to claim if we cant find the original paperwork? If so do we need to contact the bank? ( was a building society at the time of borrowing).
Thanks for any help
Thanks for any help
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Comments
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Are you sure it wasn't MIG - were you borrowing more than 90% of the house value?
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People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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What is mig? Yes we had 100% mortgage.
Thanks0 -
I remember when I took my first mortgage in 1989 having £875 added to it as protection cover, we were told we had to have this as part of the mortgage.
That wont be PPi then. It will almost certainly be MIG.What is mig? Yes we had 100% mortgage.
When you did not have a sufficient deposit on your mortgage, the lenders charge a high value loan fee known as mortgage indemnity guarantee (MIG). It was to protect them should you default and they lose money in repossession.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 -
Ok, thanks for your help.0
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