Mortgage Protection for Naive Young Homebuyer

Polstar

When I was 21 (15 Years ago) a financial adviser got in touch with me offering to help me buy my first Home.

He did help get a 100% mortgage from RBS but he insisted I needed extra insurance to protect myself. At the time I was on a 0 hours contract so he added unemployment protection along with Life cover and critical Illness Cover, there may have been a few other products in there too. I dont have the paperwork anymore with the details.

The cost of the Insurance Im pretty sure was about £300 per month and this was for a mortgage that was only about £180 per month, it was so expensive it actually caused me financial hardship within 18 months and I had to get rid of these insurances or lose my home. I didnt have anyone I could turn to for advice.

I keep hearing about reclaiming PPI was that was excessive but The partnership that the Financial Adviser worked for has closed down some time ago and it has been such a long time since it happened that I think its probably too late to look into.

Can anyone offer any guidance on whether that might be considered excessive and if there is any way to claim any of the Protection back?

dunstonh

so he added unemployment protection along with Life cover and critical Illness Cover, there may have been a few other products in there too.

All things you would correctly expect to see on a mortgage case.

The cost of the Insurance Im pretty sure was about £300 per month and this was for a mortgage that was only about £180 per month

Are you sure it wasnt an endowment mortgage? All those things for a 21 year old, 15 years ago would be around £50pm.

Can anyone offer any guidance on whether that might be considered excessive and if there is any way to claim any of the Protection back?

Insurance was not regulated until Jan 2005. Plus the firm no longer exists. So, you have no-one to complain to.