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Insurance Guarantee
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tejplc
Posts: 2 Newbie
Hello
Advise please -
I took out a mortgage in 1990 with Leeds Permanent Building Society. I was charged a one off fee of £954 for Insurance Guarantee.
Does anyone know what this relates to? Was this charge appropriate/legal?
Now that Leeds do not exist, who can I contact for more information?
Your help and advise will be much appreciated.
Thank you.
~AJ
Advise please -
I took out a mortgage in 1990 with Leeds Permanent Building Society. I was charged a one off fee of £954 for Insurance Guarantee.
Does anyone know what this relates to? Was this charge appropriate/legal?
Now that Leeds do not exist, who can I contact for more information?
Your help and advise will be much appreciated.
Thank you.
~AJ
0
Comments
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Was this Mortgage Indemnity Guarantee insurance (MIG)? Paid for by the borrower but for the lender's benefit. Yes it was legal.0
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It was to give the lender extra security as you had only a small/no deposit.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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