Mortgage protection/ Life insurance cover claim?

BFS11

Hi all - after some advice please

My OH and I have had a mortgage since 2000 with Abbey National - (now Santander).
We were massively ill advised by a financial firm called Countrywide assured at the time who advised half repayment, half endowment mortgage - but said, as we were both young at the time and it was our first mortgage (and didn't know any better) we were told we would not get the mortgage offer unless the mortgage was protected by a mortgage protection plan - the prices were steep, but we were desperate for the mortgage, and naive so took the policy out through them.

Over the years we changed the mortgage type, borrowed extra against the mortgage but all the time kept the protection policy running.

We borrowed in 2005, and again in 2007. 2007 - 2009 the plan was reviewed, advised to be kept and was now through "Phoenix insurance".

In 2009, we went to Santander again for mortgage advice as we had just had our first child and were struggling for money. We changed the term of our mortgage, and again were told that we needed the keep a protection policy in place, but they would "diminish" the cover to help us with the costs. This time the insurance was changed to Royal London. The policy is currently still running with Royal London.

We are both kicking ourselves to recently have found out that we may not specifically have required a mortgage protection plan policy in the first place to be given the mortgage offer - doubly so, to think that through over exaggeration and scare tactics, we have kept one in place (paying steeply compared to friends) for the last 18 years! _pale_

Can I assure you all that this is not one of those "money money money gimme gimme gimme!" type situations, we believe we have been very ill advised and mis-sold at different times over the years so are looking to see if there is any way to get any back.

I'm just curious to see if anyone thinks we may have a claim somewhere along the line, who it would be against as there's many different companies involved, and where the hell to start?

Good news is my wife is super organised, and we still have 90% of the mortgage and insurance related paperwork for the last 18 years - although obviously there is no record of what the sales people told us verbally!

antrobus

BFS11 wrote: »

...
I'm just curious to see if anyone thinks we may have a claim somewhere along the line, who it would be against as there's many different companies involved, and where the hell to start?

A mis-selling complaint is directed against whoever sold you the MPPI. That would be Countrywide, who are brokers, and were not regulated until 2005. So making a complaint about a sale in 2000 is unlikely to be fruitful.

I think Royal London bought Phoenix Life. Royal London are also a life insurance company. I'm not sure that either sold PPI. Are you sure it's PPI and not the endowment premium?

dunstonh

We were massively ill advised by a financial firm called Countrywide assured at the time who advised half repayment, half endowment mortgage - but said, as we were both young at the time and it was our first mortgage (and didn't know any better) we were told we would not get the mortgage offer unless the mortgage was protected by a mortgage protection plan - the prices were steep, but we were desperate for the mortgage, and naive so took the policy out through them.

At the point you took your mortgage out, there were still plenty of lenders that insisted on life assurance as a condition of borrowing.

In 2009, we went to Santander again for mortgage advice as we had just had our first child and were struggling for money. We changed the term of our mortgage, and again were told that we needed the keep a protection policy in place, but they would "diminish" the cover to help us with the costs. This time the insurance was changed to Royal London. The policy is currently still running with Royal London.

A decreasing term assurance is normal for repayment mortgages.

We are both kicking ourselves to recently have found out that we may not specifically have required a mortgage protection plan policy in the first place to be given the mortgage offer - doubly so, to think that through over exaggeration and scare tactics, we have kept one in place (paying steeply compared to friends) for the last 18 years!

Most people have life assurance on their mortgages. You also had a child. So, not only should you have it on the mortgage, you should also have family protection as well.

we believe we have been very ill advised and mis-sold at different times over the years so are looking to see if there is any way to get any back.

Nothing you have said suggests anything unusual or wrong. Other than you seem to think that having life assurance is not right.

I'm just curious to see if anyone thinks we may have a claim somewhere along the line, who it would be against as there's many different companies involved, and where the hell to start?

Regulation didnt start until January 2005. So, forget anything before that date.

However, as you havent actually given any valid complaint reasons, it is difficult to see what you have to complain about. The expectation is that you should have life assurance on your mortgage. So, why do you think that you shouldnt?