compulsory mortgage insurance

prog

I have just realised that my actions in 1996 could have been mis advised.
I took out a second mortgage on my existing property worth £300,000. To buy another property for £35,000 and was told that as part of the mortgage offer I was required to take out life cover for my wife and me,
The repayments were £48 per month for 15 years.
Despite being told it was compulsory I requested if it could be cancelled in 2002 and was told yes, the mortgage carried on for a further 2 years when it was paid in full.
My query is if it was compulsory why was I allowed to cancel before mortgage ended and as the mortgage was only for £35,000 this was well within either of our payment capabilities or at the worst 10 times the collateral in the mortgaged property or sell the new property to repay either way we would not be financially embarrassed. do I have a claim to reimbursement of fees as mis sold given my circumstances at the time.

ACG

If it was a compulsory part of the mortgage, you can not claim it was miss sold. You should have chosen another Mortgage where it was not compulsory.

If it was not compulsory but were told it was, then you can potentially claim it was miss sold, but you need to have some sort of evidence that is what you were told.

It was not uncommon for mortgages back then to insist on life insurance being taken out. But you would need to check your paperwork.

If it was compulsory and then the lender changed their stance on it down the line, that has gone in your favour as you saved 2 years worth of premiums compared to what you signed up for.

The important information will be in the paperwork from when youtook the mortgage out.