Mortage Indemnity Payments - Halifax

wills72

Hi

I have been inspired by this site to claim back my mortgage exit fees and.......I've remembered the huge amount I paid for the morgage indemnity guarantee.

Does this guarantee last the original life of the mortgage? I was thinking that if it did it should have lasted 25 years, but I changed my mortgage (and therefore repaid it) after only 3 years. It was with the Halifax, in case anyone else has had similar experience.

What do you think?

Thanks for your help.

silvercar

It lasts the life of the mortgage. If you choose to terminate the mortgage earlier, then it goes.

It would have been a condition of the original mortgage and therefore you agreed to take it when you signed up for the mortgage. It was your choice to close the mortgage. In any case, it protects the lender not you, so you could never have gained a benefit from it.

No chance of claiming anything was unfair I'm afraid.

payless

seem to remember some lenders did give a partial refund in the late 80's maybe even early 90s

Dan_Collins_2

wills72 wrote: »

Hi

I have been inspired by this site to claim back my mortgage exit fees and.......I've remembered the huge amount I paid for the morgage indemnity guarantee.

Does this guarantee last the original life of the mortgage? I was thinking that if it did it should have lasted 25 years, but I changed my mortgage (and therefore repaid it) after only 3 years. It was with the Halifax, in case anyone else has had similar experience.

What do you think?

Thanks for your help.

I am afraid you have no chance. You signed the offer and it was clear from the outset. The policy protects the lender not you so once the mortgage is cleared the policy lapses. Most lenders only charge the client when the LTV is 90% or over. Not all do but the policy is in plave when the loan is greater than 75%. What I do worry is that clients are not being made aware of the policy if they are not paying it. If a lender has to claim on it then the insurance company can come looking for the amount once you have just got on your two feet after being repo'd!! Clients need to be made aware!