How to reclaim PPI from Abbey National mortgage

Farmy

Apologies for the late post to this thread, but just joined the forum! Anyway, although not directly related to this, I was wondering if anyone took out a mortgage with Abbey National in the early 80’s to be told they could only have an endowment mortgage, which they also charged 0.5% above the base rate (15% at that time). As we only had 5% deposit there weren’t many other lenders at the time who would even consider us for a mortgage! Interested to here from anyone about this?

safestored4

This was fairly common practice at the time. We took out a mortgage with the Liverpool Building Society in 1979 to which the same conditions applied. In the event this worked out very well financially for us. At that time there was full tax relief on the endowment policy costs and stock markets went up considerably in the 1980s. When we eventually cashed the policy in it paid off the mortgage in full and left us with around £15000. You were presumeably in a similar position and benefited accordingly. I certainly don’t see why there are any grounds for complaint about the conditions under which the mortgage was offered to you.

dunstonh

Farmy wrote: »

Apologies for the late post to this thread, but just joined the forum! Anyway, although not directly related to this, I was wondering if anyone took out a mortgage with Abbey National in the early 80’s to be told they could only have an endowment mortgage, which they also charged 0.5% above the base rate (15% at that time). As we only had 5% deposit there weren’t many other lenders at the time who would even consider us for a mortgage! Interested to here from anyone about this?

No issues there. Again, you predate financial services regulation and back then you had things like LAPR and MIRAS that made endowments a no brainer. They were £20-£30pm cheaper than repayment mortgages and it was the era when maturities were 2-4 times more than target.

Mike1969

I have two abbey national endowments and after receiving a recent advisory note telling me one of my endowments will return £20k in June instead of the forecast £37k (no shock there to be fair) I did notice that I have been paying for Waiver of Premium, presumably throughout the almost 25 year period. Upon further scrutiny it seems to cover a situation whereby if I cannot pay the endowment premium for a period of 6 months then the Abbey will until such time I do go back to work/can start paying. Going back to the original OP's question, is this a form of PPI? Btw, first endowment started in June 1992 with the second 4 years later. Thanks in advance for any positive advice/wisdom received.

dunstonh

Mike1969 wrote: »

I have two abbey national endowments and after receiving a recent advisory note telling me one of my endowments will return £20k in June instead of the forecast £37k (no shock there to be fair) I did notice that I have been paying for Waiver of Premium, presumably throughout the almost 25 year period. Upon further scrutiny it seems to cover a situation whereby if I cannot pay the endowment premium for a period of 6 months then the Abbey will until such time I do go back to work/can start paying. Going back to the original OP's question, is this a form of PPI? Btw, first endowment started in June 1992 with the second 4 years later. Thanks in advance for any positive advice/wisdom received.

No it is not a form of PPI. Offered by different types of insurance company and falls under a completely different section of the FCA rulebook.

It pays out differently and covers different things. It is also medically underwritten at the point of sale, unlike PPI which is at the point of claim.

[Deleted User]

Mike1969 wrote: »

is this a form of PPI?

Waiver Of Premium is not PPI.

DaveInSouthampton

I found this discussion extremely helpful. I had a 100% endowment mortgage with Abbey National which ran from August 1987 until January 2003, when it was paid off. I remember the additional one-off premium which would have been the compulsory Mortgage Indemnity Guarantee, so no mis-sold PPI. Allay PPI Claims said they "didn't get a whistle" on this one. All they could find was £7 PPI on a Santander credit card, and they don't process anything under £20. All other inquiries proved negative. So closure at last! Perhaps just as well as I was on their 36% tariff!
My thanks to all contributors for the right questions and informative replies.

Gillian1969

My sister and I purchased a property on the 2nd April 1993. We had an endowment mortgage with Abbey National. We have no idea whether or not PPI was added to the mortgage. We paid the mortgage back in full on 23rd March 2007, as our endowment policy with Winterthur Life was underperforming.
I completed the online PPI request for Santander, however they claim they are unable to locate any Santander account data, despite the fact I forwarded our mortgage account number and the property address.
Andy advice on what steps I can take next?

Nasqueron

Gillian1969 wrote: »

My sister and I purchased a property on the 2nd April 1993. We had an endowment mortgage with Abbey National. We have no idea whether or not PPI was added to the mortgage. We paid the mortgage back in full on 23rd March 2007, as our endowment policy with Winterthur Life was underperforming.
I completed the online PPI request for Santander, however they claim they are unable to locate any Santander account data, despite the fact I forwarded our mortgage account number and the property address.
Andy advice on what steps I can take next?

Endowment mortgages categorically cannot have MPPI, so Santander are not "claiming" anything, they are telling you the truth. The next step is to be glad you were not miss-sold anything and move on with your life.

dunstonh

We had an endowment mortgage with Abbey National. We have no idea whether or not PPI was added to the mortgage.

If you had a separate direct debit for PPI then you had PPI.

I completed the online PPI request for Santander, however they claim they are unable to locate any Santander account data, despite the fact I forwarded our mortgage account number and the property address.

You wouldnt expect them to.

Andy advice on what steps I can take next?

Look at your own records.